New Company Pension Rules came into effect for 2023.
This change is very positive for Company Directors. It is a huge opportunity to extract excess cash from the Company and considerably reduce your corporation tax bill.
These new changes now mean:
- ?Your company can transfer considerably more money (excess cash )?in any single year into a PRSA pension than has previously been allowed.
- Your company can receive corporation tax relief?in the current year for allowable contributions into a PRSA pension.
- In the event of death,?ALL of your PRSA pension can be paid to your spouse tax free. (This is a very important change).
- A second bite of the Cherry !? A person who has already accessed their company pension can now set up a new PRSA pension, if they wish, and contribute to it up to the age of 75.
?6 key Questions we are asked and can answer:
- Can I make any changes to the Directors company pension structure and transfer to a NEW PRSA structure?
- Do I already need to have a PRSA pension in place?
- Can I set up a new PRSA pension now before my December Company year end?
- How much personal or company cash can I put into a PRSA pension to considerably reduce my tax bill?
- Why Should I act on this now??Are these new rules likely to change in the future?
Feel free to email or call me on 01 5267770 or 053 9110380 if you don't have this covered.