FOCUS 88 – New SSAS registration rules
In a bid to stop pensions liberation, HMRC has tightened its scheme registrationprocess, resulting in SSAS providers having to apply for registration rather than it being instantly approved.
This means that we will have to wait for HMRC to vet the application before the scheme is activated. HMRC intends to conduct a “detailed risk assessment” on each scheme before making a decision to register – so gone are the days of getting a scheme open within a day or two.
Whilst it is unfortunate that legitimate SSASs like ours that are being established for the right reasons will be caught with these time delays, it is very much business as usual for Talbot & Muir and its introducers.