Employer financed retirement benefit schemes (EFRBS)

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Tax adviser John King outlines how EFRBS schemes can benefit businesses and individuals.

Employer Financed Retirement Benefit Schemes (EFRBS) are an excellent alternative to Registered Pension Schemes (RPS) and offer employers a vehicle to reward and incentivise key staff (including directors) as well as providing a flexible solution to accessing business profits tax effectively.

Although somewhat contentious, EFRBS structures can be designed to achieve a tax deduction at the time of payment of contributions. The aim of Schedule 24 FA 2003 (now para. 1290 et seq. CTA 2009) is to prevent a deduction until taxable benefits are payable, but this can be circumvented with correct planning.

With wide scope for investment and access, employers and business owners can use EFRBS to:

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