PPF levy: remember to certify contingent assets
By Ian Greenstreet
The deadline for certifying or re-certifying contingent assets, in order to secure a PPF levy reduction, is 17:00 on 31 March 2014.
In a change in policy, a contingent asset can be re-certified even if it was not used for PPF purposes last year, as long as it has been certified in one of the previous five years.
If trustees are intending to use a group or parent company guarantee (type A contingent asset) then the certificate must state that ‘the certifier has no reason to believe that each certified guarantor, as at the date of the certificate, could not meet its full commitment under the contingent asset as certified’…
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