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Brown throws residential properties out of Sipps

Chancellor Gordon Brown has thrown residential properties out of Sipps in today’s pre-budget report.

Sipps and all other forms of self-directed pensions will be prohibited from obtaining tax advantages when investing in residential property and other exotic assets such as fine wines.

Action will also be taken to prevent the abuse of the rules for tax-free lump sums from April 6 2006.

The report states that the action has been taken to ensure tax relief is only given to those whose purpose in making the contribution is to provide themselves with a secure retirement income.

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Give credit to Turner

Scare stories surrounding the Pensions Commission proposals are disappointing.

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