SIPP property transfers up seven-fold before CGT changes

The SIPP provider says it received more transfer requests than normal in the run up to the end of the tax year as before 6 April investors could crystallise business assets in a SIPP at 10% compared to the 18% rate afterwards. Peter Weir, director and head of property at Suffolk Life, says: “Historically we do see a noticeable uptake in our business in the final few weeks before tax year end as would any financial services company but this year in particular the increase has been extraordinary. The change in capital gains tax from 6 April 2008 is directly responsible for this. “Suffolk Li...