18 Dec 2014: New PPF rules for Asset-Backed Contributions
The 2015/16 levy year is the first year for which there are specific requirements for trustees wishing to seek credit for Asset Backed Contribution structures (‘ABCs’) in the calculation of the PPF levy.  Previously the value of the ABC submitted by trustees was just treated as an ‘other asset’ which reduced the deficit for levy purposes.  The PPF was concerned that insufficient consideration was being given to how the value of the underlying asset might be affected by employer insolvency.  In December 2014, following consultations in May and October, the PPF published its new levy rules for 2015/16.

Argyll comment: the creation of a duty of care to the PPF will no doubt make some advisers reluctant to carry out this type of valuation or provide supporting advice.  An overview of the requirements is set out in the link below.

Argyll's partners are already producing these valuations for clients.  For further details contact Richard Hall or Sean Weaver on +44(0)20 3755 5300.

 
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