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mikethebike
2nd March 2004, 11:55
I have quit contracting and gone permi.
I have a SSAS that appears to be incurring mangement fee (£2K per year). I'm totally browned off with the low return and fees.

What are the implications of pulling all my cash out of the SSAS (and the monies that are invested from that account), and using it for my own investments?

Can I pull the money back into my business account (what, if any tax would be liable at that point), then shut the company down and share the money out between the shareholders (me and my wife...who has no income at the moment).

What would the tax implications be at that point?

Thanks

MTB

mikethebike
12th March 2004, 11:50
Well...thanks for all that helpful advice. Just because I don't come here as often any more, no-one speaks to me!

Anyhow...may not be an issue anyhow, apparently there may be new rules coming in next year where you can invest money from a SSAS into residential property, all the income and can then be put straight back into the SSAS tax free....and when you sell, there will be no capital gains tax....but I'll believe it when I see it!

planetit
12th March 2004, 12:01
Hello Mike,

I would have replied, but I have absolutely no idea what you are talking about, and I didn’t want to look ignorant.

Hope that helps.

Planetit

IR35 Avoider
12th March 2004, 14:31
I think you can transfer your funds to a personal or stakeholder pension, which should have much lower fees.