Question: As a SSAS provider ourselves, we feel the Budget's anti-forestalling measures penalise this type of arrangement inequitably. Most contributions are paid on an annual basis and, at present the legislation appears to offer no protection for high earners in this situation, even though the annual contributions are likely to be of a similar amount each year which indicates a regularity of payment. In addition, there could be schemes where contributions left the employer's bank account before 22 April 2009 through BACS, and were not received into the SSAS account until after then. HMRC in the Q & As to AMPS, indicate that this contribution would be hit by the changes even though it was made in good faith without prior knowledge! Will you be making any submission to HM Treasury yourselves in this connection
Mike Morrison, AXA: I agree that the proposals are ill thought through and that the definition of regular contribution should include regular annuals. It would have been much easier to have decreased the annual allowance to, say, £100,000 for a year, or even done a three year average of contributions. There has been a lot of lobbying on this with little return so far, so I think that the chances of any change at this stage are remote. I do think however it is worth referring individual cases to HMRC for specific answers. David Seaton: I entirely agree with your sentiments. I w...
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