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Sipps u-turn means pension purchases of residential will not go ahead

Savers who have planned to use self-invested personnal pensions to buy cottages in Suffolk will be hit by a “shocking” climbdown by the Chancellor. Two years ago Mr Brown said that self-invested personal pensions (Sipps) would be eligible for tax relief on residential property bought after April 2006, yet the Chancellor’s pre -budget report stated,
“Sipps will be prohibited from obtaining tax advantages when investing in residential property and other assets, such as fine wines”.
Todd Lewis of Bychoice estate agents, Suffolk commented
” It’s a huge blow for the residential property market, it will come as a great disappointment for our clients.”

For further details on how to make the best of your property investments, or for advice on choosing the perfect property for you, contact or call freephone on 0800 028 2300.

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