07 December 2005

Can I save for a pension and save tax too?

This question may have crossed the minds of quite a lot of people, who had been drooling at the thought of investing in a Sipp (Self Invested Personal Pension) and using it to buy a second home.

Now, the Chancellor's pre- Budget Report has effectively closed the door on investors placing residential property inside a Sipp.

The almost about face by the Chancellor has caused howls of outrage among financial advisers.

It has also left investors uncertain over future retirement plans that had been based on placing residential property, including holiday homes, into their pension plan.

There had been almost a media frenzy in the last 12 months over the tax opportunities to be had from the pension reforms coming into force on 6 April 2006 ("A-Day").

More here.

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