Category Archives: Private Pensions

Section 198 of Capital Allowances Act 2001

Section 198 of the Capital Allowances Act 2001 has a major significance for property transactions. If the seller of the property has claimed capital allowances on any fixtures of the building, the tax relief enjoyed as a result might have to be paid back if the seller does not elect to file an Election Notice under the above section. The Election Notice will specify the items of plant and machinery and the value at which these items are being transferred. [...]

First Year Allowances (FYA) on Plant & Machinery

Until April 2008, small and medium enterprises were eligible to a first year allowance (FYA) of 40 or 50 percent on plant and machinery. FYA has now beer replaced with Annual Investment Allowance (AIA) that is available to large as well as small and medium enterprises. However, FYA is still available to businesses engaged in certain industries. We look at these industries and their FYA eligibilities in this article. Environmentally Beneficial Plant & Machinery CA23135 regulates that 100% FYA is [...]

What are private pensions?

A pension is a type of saving wrapper that multiple investments can be held under in which an individual may save up a fund to draw income from upon their retirement. It is recommended by the Government that you begin saving for a pension, private pensions or otherwise, at the earliest point you are able due to their importance in retirement and the tax advantage they provide. This article discusses private pensions and how they relate to pensions. Any contributions [...]