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Off-plan investors told to sell quickly

This will force off-plan investors to sell quickly to avoid tax charges, potentially leaving them open to unscrupulous buyers who know they can get away with paying below market rates.

People who bought off-plan residential properties before midnight on December 5 will escape the 40 per cent unauth- orised payment charge and 15 per cent scheme sanction charge that will now hit residential property in pensions. This is because buying off-plan had previously been sanctioned by the Revenue despite not appearing on its permitted investment list. However, as soon as the property receives its certificate of habitability, it will be liable to the tax charge so a stampede is likely as Sipp investors look to offload them before next April.

Intelligent Pensions technical manager David Trenner says: “You need to sell off-plan properties before they become classed as residential but will there be a market for these properties?”


FSA pledges plain principles

The FSA claims that its transition to a principles-based approach will not make its regulatory regime more unpred- ictable for firms. The regulator plans to move away gradually from detailed rules towards high-level principles and guidance and has published on its website a list of 30 proposed improvements to the way it regulates. Improvements include […]

The flight of the first-time buyer

David Cole, marketing director of online research company CCB sets out the results of a mortgage survey which graphically illustrates how lenders are failing to hold on to FTBs by not offering new deals to existing borrowers

Brown to tighten anti-avoidance loopholes

Tax avoidance loopholes are being tightened up with Chancellor Gordon Brown looking at capital gains tax, offshore schemes and IHT.The Treasury says its will put anti-avoidance measures in place from 5 December and will target second hand interest in foreign trusts and using artificial trust arrangements to escape both the gift with reservation and pre-owned […]


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