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AJ Bell says residential property in pensions is &#39madness&#39

The Inland Revenue&#39s proposal to allow residential property to be held within pensions is madness says consulting actuaries and Sipp provider AJ Bell.

AJ Bell managing director Andy Bell says people putting their own home within a pension wrapper would cause administrative chaos and goes against the fundamental principles of a pension scheme as people would use pensions as an inheritance tax planning vehicle to pass their property to their children.

Bell says: “We urge the Government to rethink this issue. Commercial property is fine, genuine third party buy to let could be acceptable if not administratively cumbersome, but the notion of owning one&#39s main residence or holiday home in a pension fund is madness.”

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