CPD On Demand - The lifecycle of a pension

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Knowledge check:
Please answer the following questions:

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* 1. How is higher and additional rate tax relief granted?

Relief at source and net pay contributions: By extension of basic rate tax band

Relief at source contributions: By extension of basic rate tax band.

Net pay contributions: Given automatically as contribution paid gross

Relief at source and net pay contributions: Given automatically as contributions are paid gross

Relief at source contributions: Higher and additional rate tax payers are entitled to 40%, 45% relief at source on contributions. They should notify their pension provider that they are entitled to this

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* 2. Employer pension contributions...

Are restricted to contributions up to 100% of the employee’s relevant UK earnings.

Attract tax relief but are subject to national insurance deductions

Are an allowable deduction for corporation tax purposes, assuming the contributions are an expense incurred “wholly and exclusively” for the purpose of the company’s trade. They are not subject to either income tax or national insurance.

Do not count towards the employee’s annual allowance

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* 3. When considering whether to establish a syndicate of SIPPs or a SSAS for a group of clients looking to purchase a commercial property together which of the following is not a key consideration?

Whether or not there is a sponsoring employer, as a SSAS is an occupational pension scheme that requires a sponsoring employer

How the pension tax rules, in particular taxable property and unauthorised payment legislation are applied differently to SIPPs and SSAS

The comparative cost of establishing and running a number of SIPPs and running one SSAS

The clients’ willingness to accept the role of being a pension trustee

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* 4. Which of the following best describes how rental income in respect of a commercial property owned by a SIPP is treated?

The rental income is an employer pension contribution paid by the company renting the property and counts towards the SIPP pension scheme member’s annual allowance

The rental income must be ring-fenced to pay for any specifically property related costs that arise, such as mortgage payments and SIPP property management fees

The rental income is taxable on the SIPP pension scheme member

The rental income is investment income from an investment held by a registered pension scheme and is therefore tax exempt

Feedback questions

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Yes

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