Ian Naismith, head of pensions market development at Scottish Widows , explains the refined rules governing property in pensions since changes were announced in the pre-Budget Report, and what clients holding property should do now.
The announcement in the Pre-Budget Statement - stating residential property and ‘esoteric’ investments will remain off-limits after A-Day - sent shockwaves through the industry. But what exactly are the rules now, and what can be done by those who had already made financial commitments in anticipation of A-Day? I should first stress we are only dealing with proposals. The government will include measures in the Finance Act 2006 to reverse those in the Finance Act 2004, and we have not yet seen any drafts. However, unless there is another U-turn, we know what to expect. Commercial property...
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