In December Gordon Brown announced that self invested personal pensions or SIPPs would not be given immediate tax relief for pension investments in residential property. This about face on SIPPs by the Chancellor has caused outrage amongst the financial community and has left investors uncertain over future retirement plans that had been based on placing residential property, including oversees property, into their self invested personal pensions plan.
The proposed change in the pensions laws had been on the statute book for 18 months, and so for the Treasury to change its mind, only four months before April 6th (A-Day), has left a great number of disgruntled investors who have already taken out Sipps in readiness.
Commercial property will still be OK to hold within SIPPs and, if indirectly, residential property could also be held within self invested personal pensions too. To indirectly invest your SIPPs in residential property it will soon be possible to invest into Real Estate Investment Trusts and in that way to hold shares in residential property, but unlike self invested personal pensions (SIPPs) this will mean you do not buy the property directly.
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