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The beneficiary should have completed their own nomination form, so that the scheme administrator can take account of it when using its discretionary powers to pay benefits as follows.

With the tax year end just over two weeks away, clients looking to make contributions to their SIPP for the current tax year (2018/19), must have established a Dentons SIPP and provided a valid means of payment to Dentons main office in Godalming, by 5 April.

Advisers must plan well in advance where their clients intend to establish a new Small Self-Administered Scheme (SSAS).

A key aspect of the role of a financial adviser is to research the marketplace and recommend and review the most appropriate products and services available for their clients – this is no easy task in an ever changing environment.

A paper from the Centre for Policy Studies is calling for pension tax relief to be overhauled. While we agree 'more needs to be done' our views differ from the think tank. We will wait to see what the Autumn budget may bring.

Pensions have been touted as a potential victim for cuts, with justification mooted for the increasing costs of the current tax relievable contributions, and/or how to better distribute those benefits amongst everyone rather than the wealthy enjoying the majority.

In our May technical bulletin, we outlined that Dentons, along with nearly all other SIPP operators, had ceased to accept contributions in the form of in specie assets in 2016. This followed notice of HMRC refusing tax relief on these contributions based on their interpretation of legislation, which they maintain, requires contributions to be made as a monetary sum.

We offer the freedom for clients to manage their own commercial property. This can have significant cost benefits for clients but it is essential that they understand what is involved and undertake the necessary property management functions.

A recent case has highlighted the advantages that creative use of a Small Self-Administered Scheme can offer.

Salary sacrifice or the sacrifice of earned bonus is probably the most tax-efficient way of getting money into a pension plan especially if the employer is prepared to augment the bonus given up by the national insurance contribution that would have been payable on it.

Joint property purchases do not require each participant to Joint property purchases do not require each participant to have an equal interest in the property, so the arrangement has become more frequent because of its flexibility and increases in commercial property prices.

Although as far as economic cycles go we have seen far worse, advisers looking for alternative sources of finance for their corporate clients often approach us.

Recent trade press has reported widely on the issue of the Financial Services Compensation Scheme declaring three, now defunct SIPP operators, as in default based on a failure to carry out any due diligence on underlying investments, which subsequently failed. So are SIPPs off the hook?

We will walk through a scenario where a SIPP is used to buy the client's shop premises with a residential flat above.

A number of factors, including the Annual Allowance, govern the amount of contributions to an individual’s pension schemes in any tax year that could be eligible for tax relief, and individuals should seek advice before contributions are paid.

With over 30 years' experience at Dentons, Martin Tilley reviews the changes and growth in the self-invested pension market.

Pensions Ombudsman (PO) and Financial Ombudsman (FOS) memorandum of understanding clarification.

Although the increase in the LTA for tax year 2018/19 is relatively small, the timing and drawing of benefits could prove important when managing and minimising clients' tax charges.

Salary sacrifice reduces the employee's income meaning they pay less tax and NIC.It can also have other benefits such as a reduction in income so that child benefit or personal income tax allowances can be retained.

George and Dennis Gibley have a problem and have approached their financial adviser. The brothers' company has turned in a record year and profits will exceed £150,000 resulting in a corporation tax bill of around £28,500.

The pensions industry has now received clarification from Revenue Scotland on the treatment of in specie transfers of Scottish property between registered pension schemes.

Dentons achieve 5 star service award!

Many people are being caught by reductions in both the Lifetime Allowance (LTA) and the Annual Allowance.

The Government announced recently that it intends to bring forward the increase in the State pension age from 67 to 68 between 2037 and 2039.

Within the Dentons Group of Companies, DPM Legal is a law firm providing expert legal advice on a range of residential and commercial property transactions.

Dentons continues to perform well in the second independent report from FinalytiQ on the financial strength and stability of 'bespoke' SIPP Providers.

Dentons has always aimed to offer clients the widest choice of assets within their self invested pension however we have now made the decision to no longer accept new requests for direct individual accounts or stockbroker accounts to trade in foreign exchange (FX) or contracts for difference (CFDs) within our Dentons SIPP or SSAS portfolios.

As self invested specialists we are no strangers to the more adventurous investment proposals as indeed this is precisely what both SIPP and SSAS vehicles were designed for.

Defining what tangible movable property is might be more complex than you think and if owned by the pension scheme would lead to tax charges. We explore what constitutes tangible moveable property and assets that potentially fall into this category; the most notable being any interest in residential property.

With the number of commercial properties being purchased through SIPPs continuing at a high level, it is useful to set out the treatment of Transfers of Going Concern (TOGC) which might impact some potential property investment cases going forward.