Podcast
Questions and Answers
What is the minimum amount that a PCLS must exceed when added to other PCLS drawn in the previous twelve-month period for it to be treated as an unauthorised payment?
What is the minimum amount that a PCLS must exceed when added to other PCLS drawn in the previous twelve-month period for it to be treated as an unauthorised payment?
- £15,000
- £10,000
- £5,000
- £7,500 (correct)
What is the percentage increase in pension contributions that is considered 'significant' by HMRC?
What is the percentage increase in pension contributions that is considered 'significant' by HMRC?
- more than 30% of the contributions that might otherwise have been expected (correct)
- 40% of the contributions that might otherwise have been expected
- 20% of the contributions that might otherwise have been expected
- 25% of the contributions that might otherwise have been expected
What is the tax implication for an employer who makes a pension contribution on behalf of an employee?
What is the tax implication for an employer who makes a pension contribution on behalf of an employee?
- The employer must pay VAT on the contribution
- The employer is eligible for tax relief only up to a certain amount
- The employer is eligible for tax relief in full (correct)
- The employer is not eligible for tax relief
What is the maximum number of schemes an employer can set up?
What is the maximum number of schemes an employer can set up?
What is the purpose of the tax simplification rules, according to the Government?
What is the purpose of the tax simplification rules, according to the Government?
What is the term used by HMRC to describe a PCLS that meets certain conditions?
What is the term used by HMRC to describe a PCLS that meets certain conditions?
What is the threshold for the cumulative sum of extra contributions for a PCLS to be treated as an unauthorised payment?
What is the threshold for the cumulative sum of extra contributions for a PCLS to be treated as an unauthorised payment?
Who can make additional contributions to a pension scheme?
Who can make additional contributions to a pension scheme?
What is the requirement for the employer's contribution to be eligible for tax relief?
What is the requirement for the employer's contribution to be eligible for tax relief?
What is the consequence of recycling a PCLS, according to the Government?
What is the consequence of recycling a PCLS, according to the Government?
