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Mr K is 57 years old and owns a financial services company (N Ltd) which employs four other people. 50% of the shares are owned by him and 50% by his wife, the company secretary. Mr K is also a partner in a professional services firm from which he derives most of his taxable income and where he spends most of his working time. As this income has been sufficient, he had not drawn any salary from N Ltd until recently. For the last two years he has been drawing a salary of about £5,000 p.a.
Mr K is 57 years old and owns a financial services company (N Ltd) which employs four other people. 50% of the shares are owned by him and 50% by his wife the company secretary. Mr K is also a partner in a professional services firm from which he derives most of his taxable income and where he spends most of his working time. As this income has been sufficient he had not drawn any salary from N Ltd until recently. For the last two years he has been drawing a salary of about £5 000 p.a.
Following the April 2006 pension simplification changes he would like to make a substantial contribution from N Ltd into his SIPP. The company made a profit of £75 000 in the year ended 31 December 2006 and has retained reserves of £300 000. Current year profits are expected to be...
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