A Small Self-Administered Scheme (SSAS)
The SSAS is another essential business tool, exclusively available to company directors, and forms the second element of a Lifetime Business Tax Plan.
A SSAS is a form of tax exempt savings account, that can receive profits from a Family Investment Company, without suffering a tax charge. A SSAS can also make investments which are not subject to either capital gains tax or corporation tax.
A significant benefit of a SSAS is that it can receive your dormant, frozen or current pensions, which can then be invested in your trading company, property or other asset classes. Moreover, family members can also pool dormant or current pensions to increase the investment potential of the SSAS.
The key benefits of a SSAS:
– No capital gains tax or corporation tax
– 0% tax on investment returns
– Invest historic or current pension plans in your own business
– Pool pensions with other company or family members to achieve greater investment power
– Invest in commercial property
– Purchase your own business premises
– Invest in property crowdfunding
– Ring-fence assets
– Create a more flexible retirement plan, to the benefit of your successors and beneficiaries
– Create a robust succession plan for the business