- monthly subscription or
- one time payment
- cancelable any time
"Tell the chef, the beer is on me."
The business needs all its cash to keep trading, so an employer contribution will not be possible, but Sallys financial adviser has mentioned that the industrial unit the business rents, which she owns personally, having been left it by her deceased father, would make an ideal Sipp asset. The adviser says the property could be transferred into a Sipp in tranches over several years as in specie contributions, which would leave the cash in the business where it is needed, while building up a sizeable pension pot in the process. STRATEGY Sallys financial adviser arranges for a bespoke Sipp to be established, and her existing personal pension is transferred into the Sipp. As she has not made any contributions for years, her annual allowance of 40,000 could in theory be boosted by three years carry forward, permitting a maximum initial contribution of 190,000. In practice, however, her personal contributions are limited by her taxable earnings in the tax year, in this case 50,000. An open-market valuation of the industrial unit is obtained, which values it at 200,000. After taking advice, Sally writes to her Sipp provider making an irrevocable declaration that she will pay a contribution of 40,000 (net of tax), which creates a debt owed to her scheme. She also notifies the provider she will settle this debt by transferring ownership of part of her property into the scheme; this process is required to meet HM Revenue & Customs (HMRC) requirements for in specie contributions.
The acquisition makes Sapura Resources a 50% owner of a piece of land within the Kuala Lumpur City Centre (KLCC) vicinity, which has been earmarked for a RM1.3 billion gross development value (GDV) commercial project encompassing an office tower with parking, a convention centre and a podium. The GDV excludes the land, valued at RM245.6 million as at April 10, 2014, and the price paid represents an 8.7% discount to the 50% of proforma adjusted net assets of Impian Bebas, which is RM237.8 million. Upon the completion of the proposed development, the commercial buildings together with the car park are expected to generate income of approximately RM12.5 million per month, said Sapura Resources in an exchange filing yesterday about the project that will add 1.18 million sq ft within the KLCC vicinity. The proposed project is only expected to commence within six months after the unconditional date (after the date on which the last of the conditions precedent have been fulfilled or deemed fulfilled or waived) and is expected to take five years to complete. Sapura Resources said the RM108.5 million will be paid to KLCCH on the completion date of the acquisition and it said the purchase and proposed project will be capital intensive. Such additional debt financing may limit the ability of the group to incur further borrowings, pay dividends and would expose the group to additional borrowing risks, higher borrowing costs and default risks, said Sapura. The purchase will increase the companys gearing from 0.06 times (x) to 0.37x based on total borrowings of RM20 million before the purchase and RM128.6 million after. Sapura Resources said as the company has no prior experience in property development, the purchase will subject it to new challenges and risks arising from the development and construction of the property development business. Sapura Resources seeks to mitigate such risk by leveraging on the core competencies and experience of the employees of Sapura Resources Group with relevant experience in project management and architecture as well as the JV partner, KLCCH, who is involved in the property development industry, it said.
If you dont protest and lower your new appraised value, that becomes the base for next year and beyond. I was mildly surprised that the district thinks my property has increased 6.2% in one year. Remember, I live in the tiny city of Shoreacres, where we still havent fully recovered from Hurricane Ike, our tax rate is the highest in the area, our budget is 20% in the red, flood insurance reform is hurting property values, homes sit for months before selling, and the Port of Houstons Bayport expansion rumbles in our backyards. And yet someone hired by HCAD drives by my house and says, yep, he needs to pay more taxes. Ridiculous. So, Ill definitely be filing. If you live in Galveston County, you are in luck because you have taxpayer friendly Cheryl Johnson as your Tax Assessor/Collector. Ms. Johnson is holding a series of classes on how to protest your appraisal: Galveston County Tax Assessor Collector Cheryl Johnsons press release on free classes on protesting property tax appraisals Wouldnt it be nice if every elected official was as taxpayer friendly as Ms. Johnson? Oh, and one more thing about property taxes. Sen. Dan Patrick has made this one of his most important issues for years. He hasnt received much support in the past, with members of both chambers preferring to listen to local government officials, who like the fact that their budgets increase without having to go to the voters and raise rates. Patricks runoff against Lt. Gov.
"Tell the chef, the beer is on me."
"Basically the price of a night on the town!"
"I'd love to help kickstart continued development! And 0 EUR/month really does make fiscal sense too... maybe I'll even get a shirt?" (there will be limited edition shirts for two and other goodies for each supporter as soon as we sold the 200)