HMRC defends potential Sipp timebomb

Claudine Lashley at the HMRC press office says: “The rules in FA04 are specific on this point. Any borrowing post A-Day (and by this we mean the drawing down of funds under a facility) will be tested against the new rules. There is no transitional protection for any facility set up pre A-Day nor is any planned.” Lashley claims Sipp provideres and advisors will have had a full two years notice of the rules regarding draw down of funds by A-Day, which she says is: "clearly more than adequate to plan transactions so that they are not hampered by the rules." The Revenue says its interpreta...