Answers - Real Estate

What a difference A Day makes!

6th April 2006 is A Day. Everything about pensions changes then: mostly for the better, and you need to plan for those changes now.

1.

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

You can get tax relief on all your income

2. Your pension can buy buy-to-lets, holiday homes and villas abroad; and it can even take out a mortgage!

3. You control

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ow you take you pension when you retire, you never have to buy an annuity and your kids can inherit your pension when you die

1. Tax relief on all income
You can

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

pay all your income into a SIPP (up to a maximum of ?215,000 pa) and get full tax relief on it. So, if for instance, you earn ?100,000 a year and you are sitting with

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ash in a bank account that you don’t need, you can pay ?100K into your SIPP and it will cost you as little as ?60K after full tax relief.

One amazing thing is that yo

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

can start a pension for your children and get tax relief on that, and the money goes outside of your estate for IHT purposes, so if you have spare cash and want to he

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

p your kids enjoy their future it is worth considering.

2. Your pension can buy Property
A SIPP is a self invested personal pension. It can buy property in the U

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

or Abroad. You can even sell it property you already own, and hence free up the equity. What’s more, your SIPP can take out a mortgage to help with the funding. And,

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

f course, you can move your existing pension funds into your SIPP, so that takes the money away from pension company funds and frees it up to buy property.

The tax ad

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

antages of your SIPP owning property are huge.

a)Rental Income is tax free, you pay no Income Tax
b)You don't pay Capital Gains Tax
c)Assets within your S

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

PP are not part of your personal estate on death.

So, if you personally own another property, the rent you receive could be eaten away by tax; when you sell the prope

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ty the Taxman takes another bite, and if you die he gets you again. But, put that property into a sipp and the Inland Revenue will let you enjoy enormous tax advantage

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

. That is why sipps are the hottest thing happening and millions of people will take one out over the next few years.

3. Compulsory Annuities cease and Retirement fle

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ibility increases Most people hate having to buy an annuity when they die. With an annuity you give up your pension funds and instead you get an income for life, but

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

hat dies with you (or your partner). So, as well as being very inflexible it is poor value for money if you die early and does not allow you to pass your pension funds

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

on to your children or grandchildren.

After A Day, 25% tax-free cash can be taken from your SIPP. You then choose how to take an income, and you don’t have to take an

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

income if you don’t want to! On your death your remaining pension fund goes to your nominated beneficiaries.

What should you do now?
If you have existing pensio

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

funds, you need to get these moved into a SIPP now. It can take quite a time for these transfers to happen, and you want the funds available for A Day.

If you are bu

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ing a property off-plan, your SIPP can pay the deposit now. SIPPs can’t buy property until next April, but they can start to buy off-plan, so you need to know how the

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

rocess works.

So, in summary, take expert advice now. The clock it ticking for the most tax efficient, flexible way to buy property that this country has ever allowed

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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