| | | Sipps Pension Concerns
Des Brown the Chief Treasury secretary is warning Sipps Pension providers that the Government will not hesitate in acting if there is evidence of abuse or miss-selling according to an article in Accountancy Age. The warning was recently issued after reports of proposals that were set to encourage people to heavily invest in overseas and UK property. During a questions session with the House of Commoms Des Browne insisted: 'The limitations attached to such investment mean that is is unlikely, in our view, to have an appreciable effect on the housing market.' He added: 'If we discover a loophole or identify distorting effects, we will take appropriate action. 'As to the policing of the SIPPs tax regime, Her Majesty's Revenue and Customs will ensure that the tax privileges granted to pension schemes are used for their attendant purpose and we will target compliance procedures accordingly.' He did however go on to defend the new pensions regulations claiming that it provides better benefits for all tax payers and those on higher and lower incomes. Concerns were raised by Lib Dem MP Chris Hume who claimed that an Investor would really need £1 million of assets in a pension fund, if you were to include both a residential property and a suitable broader range of assets within the fund. He also questioned whether the Governments advice was adequate in order to prevent another pension mis-selling scandel. |
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