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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?”

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