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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.


Mortgage Works halts buy-to-let loans for newbuild

The Mortgage Works has stop-ped accepting new applications for buy-to-let mortgages on newbuild properties owing to concerns over how the sec- tor is developing. Valuations in this sector have come under the firm’s scrutiny after it says it found evidence that developers are prepared to do deals on price outside the formal contract. Group development […]

FSA freezes out 600 rogue M&GI firms

The FSA says it has kept more than 600 unsuitable mortgage and general insurance firms out of the industry since the start of regulation. FSA records show that, at the first stage of the authorisation process, approximately 550 M&GI firms either withdrew or were refused permission to conduct business. At the second stage of the […]

Fortune favours the brave

Hedge fund of fund specialist Fortune Asset Management is set to make its debut in the onshore long-only multi-manager market in January.

Give credit to Turner

Scare stories surrounding the Pensions Commission proposals are disappointing.


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