The Government has closed the door to investors hoping to get tax relief to put their holiday homes and buy-to-let properties in their pensions from April next year when investing rules are due to be relaxed.
The FT reported a “complete U-turn” by the UK Treasury as generous tax breaks were removed from the SIPPs self invested pensions.
From April 6 next year, pension laws were to be relaxed allowing those saving for their retirement much greater freedoms over what they could hold within their pensions. The rule changes were expected to lead to a boom in self invested personal pension schemes (Sipps), pensions with wide investment freedoms.
Residential property and assets, such as fine wines, classic cars and even stamp collections were among the assets which were expected to be allowed to be held in pensions after April 6 and qualifying for income tax relief up between 22% and 40%.
However, in a technical note accompanying the pre-Budget report, the government suddenly announced it would remove the tax advantages for residential property and other assets, such as fine wines, art and antiques. The move will remove any tax...
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