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DEAN WOOTTEN discusses the pros and cons of holding residential property in a self-invested personal pension.
THE ABILITY TO hold residential property in a self-invested personal pension post 5 April 2006 is causing great interest. The interest is fuelled by a number of key factors that come into force on 6 April 2006, i.e. for the purposes of pension simplification known as A-day. The factors affecting SIPPs are best explained by way of an example.
DEAN WOOTTEN discusses the pros and cons of holding residential property in a self-invested personal pension.
THE ABILITY TO hold residential property in a self-invested personal pension post 5 April 2006 is causing great interest. The interest is fuelled by a number of key factors that come into force on 6 April 2006 i.e. for the purposes of pension simplification known as A-day. The factors affecting SIPPs are best explained by way of an example.
Judy is a wealthy individual who earns £200 000 a year. She would like to buy a UK buy to let property for £150 000 but her accountant advises her to wait. If she were to contribute £150 000 to her SIPP on 10 April 2006 she would receive tax relief of 40% on her contribution. This is an effective discount of £60 000 on the property purchase. This may mean losing...
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