Pre-Budget: Tax breaks removed on sipp-led investments

As part of the 2005 pre-Budget report, chancellor Gordon Brown says the government will remove the tax advantages of contributions made into self-directed pension schemes for residential property and other esoteric assets from A-Day, under anti-avoidance and fraud measures, to prevent people benefiting from tax relief for the purpose of funding the purchase of holiday or second homes and other prohibited assets for their or their family’s personal use. The government says it has decided to tighten the rules governing allowable investments by certain types of registered pensions schemes, no...