The Liberal Democrats are attempting a last-minute coup to close what it sees as a costly pensions tax loophole arising as part of pensions simplification arrangements from April next year.
The political party says tax relief for high earners investing in residential property and personal assets - including paintings and vintage car collections - should not be allowed while thousands of pensioners are having their likely benefits cut. After A-Day, individuals holding Sipps policies will be granted full tax relief at their top income tax rate on buy-to-let properties, such as “jet-to-let” properties used as holiday homes, along with wine and vintage cars. Chris Huhne, shadow chief secretary to the Treasury, says the new rules allowing wider investment in self-invested pers...
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