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Personal equity plan |
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Personal equity planA plan where people over the age of 18 could formerly invest in the shares of UK and other EC companies via an approved plan manager or through qualifying unit trusts and investment trusts and receive both income and capital gains free of tax.Maximum investment amounts were £6,000 for a general PEP and £3,000 for a single company PEP per tax yearPEPs were discontinued on 6th April 1999 and replaced by individual savings accounts (ISAs). PEPs in existence were allowed to continue to grow with similar tax privileges.Similar MatchesPersonal article floaterPersonal article floaterInsurance policy attachment designed to cover specified personal valuables. Appropriate personal pension planAppropriate personal pension planA pension plan in which employer and employee pay full rate National Insurance contributions equivalent to the employee contracting into S2P. This rate will be greater than the rate paid by contracting out of S2P.The difference between these rates, the contracted-out rebate, is paid by the Government into a scheme known as an appropriate personal pension plan which buys pension benefits at retirement age known as protected rights. Provided an employee qualifies, incentive payments may also be paid by the Government into the scheme.The contracted-out rebate plus any incentive payments are known as minimum contributions. Payment of minimum contributions into an appropriate personal pension plan results in a reduction of S2P benefit at retirement age as though the employee had contracted out through a final salary related scheme. Personal pension planPersonal pension planA savings scheme introduced by the government in 1985 to enable the self employed, and employees working for companies not operating a group pension scheme, to build up a pension fund for retirement.PPPs are money purchase schemes and effectively replace what was known as a retirement annuity contract (RAC).Contributions to PPPs receive full tax relief up to maximum given percentages of net earnings for a range of ages.Life assurance may be purchased with up to 5% of net relevant earnings which will receive full tax relief. This percentage is included within the maximum contributions allowable.An employer may contribute to a person's PPP but this is not obligatory.Personal pensions can move with individuals when they change jobs.A PPP may be used to contract out of S2P. Personal incomePersonal incomeA person's total income which includes salary, transfer payments, dividend and interest income etc. Personal trustPersonal trustAn interest in an asset held by a trustee for the benefit of another person. Further Suggestionspersonal pension schemepersonal possessions Personal income umbrella personal liability insurance group personal pension personal accident and sickness insurance personal allowance Personal pension additional personal allowance Personal Investment Authority Personal tax view (of capital structure) personal loan general personal equity plan personal exemption Personal inflation rate Personal exemption personal identification number personal accounts Personal Property Loan Personal search personal accident insurance Personal property Personalization personal ledger Umbrella personal liability policy |
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