Revenue guidance given to one financial adviser suggests it might be possible to draw on a Sipp to invest in off-plan residential property BEFORE 6 April 2006 - but then again maybe not.
Conflicting reports from the Inland Revenue have compounded understanding of the manner in which Sipps may be used in the purchase of property in the run up to A-Day. According to an IFAonline reader, if a client wishes to purchase an off-plan property after April 2006, but putt a deposit down immediately, it would be possible to use a Sipp to "invest" the deposit. According to feedback given by the Inland Revenue in Nottingham to an IFA, it is possible to put down a deposit if an investment was in residential property, provided the property is not yet built. Comments delivered by one...
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