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Small Self-Administered Scheme

What is a SSAS and how do they work?  

SSAS stands for Small Self-Administered Scheme. All of the Scheme members are usually shareholder-directors or key staff. They are formed by a trust deed and rules, and allow employers and members more control over the scheme’s assets.

For a small business a SSAS can represent the ideal pension’s vehicle, particularly as the scheme can make loans or borrow to purchase assets such as commercial property- subject to certain conditions set by HMRC summarised below:

  • The loan should not exceed 50% of the net market value of the scheme's assets
  • The loan should be secured against assets of an equal value by way of a first charge
  • The loan's terms should be no longer than 5 years
  • Interest of at least 1% above bank base rate should be charged on the loan

You should seek professional advice when considering pension planning. Your local TaxAssist Accountant would be happy to recommend a local financial advisor.

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0800 0523 555

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