Stamp specialist Stanley Gibbons is using Sipps to promote purchases of coins and stamps, prompting calls for regulation of alternative inv- estment companies target- ing pensions.Gibbons is promoting rare stamps, coins and autographs as collectable assets for Sipp investments which can earn tax relief. The company’s website gives the example of rare stamps such as the GB 5 Orange, which is worth 3,600 and could get tax relief if placed into a Sipp. The website explains how a lower-rate taxpayer would pay 2,808 and the Government 792 while profits on the assets, once disposed, would be exempt from capital gains tax. The revelation comes amid growing concerns over unregulated companies using Sipps as a marketing tool to show discounted prices for assets such as property, collectables, paintings and wine. Stanley Gibbons spokes-man Adrian Roose says: “We are still awaiting the final Sipp rulings but I do not expect that we will become regu- lated, as the product will be.” Baronworth Investment Services director Colin Jackson says: “This is an opportunity but it is a fraught opportu- nity. Some of these are part- icularly good investments and while Stanley Gibbons is a reputable company, we will also see rogues and villains seeing this as a selling opp- ortunity. I hope that the FSA will regulate or we will see lots of tears.”
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Berkeley Berry Birch is planning to introduce home information packs in conjunction with The Live Organisation, which provides residential conveyancing services. The Hips will be available to estate agents linked to advisers of the group. They will be offered with no up-front charges to either the client or the estate agent.
July’s inflation figures hardly supported the MPC’s decision to cut interest rates. The consumer price index hit an all-time high, with higher fuel costs are feeding through into the shopping basket.
Revenue & Customs is running a series of pension simplification workshops for the financial services industry, inviting IFAs and product providers clarification about the new rules from A-Day, focusing on Sipps. The workshops will take place in the autumn, with dates to be confirmed.
A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.
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