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Scottish govt U-turns on Sipp property transfer charges

Tax-Taxation-Blocks-700.jpgThe Scottish government has reversed course on charges for in-specie transfers which means some savers are potentially in line for a rebate.

In-specie transfers are where a property moves from one scheme to another without being converted into cash.

In October last year Revenue Scotland said it would remove the stamp duty exemption for property transfers between Sipps.

This meant the Scottish version of stamp duty known as the land business transaction tax would apply to these transactions.

However a note published on 28 December shows this position has been reversed and anyone who has been taxed since October 2016 can potentially make a claim.

AJ Bell senior analyst Tom Selby says: “The threat of being hit with a huge tax bill risked seeing members trapped in schemes with high fees or poor administration. Revenue Scotland’s decision to reverse its position is welcome for advisers and clients, providing extra flexibility to transfer properties that are already held in a Sipp or SSAS.”

The change also opens up the possibility of savers being repaid substantial sums where a charge has already been levied, Selby adds.

He points out a commercial property worth £500,000 would have incurred a stamp duty charge of £12,750 prior to Revenue Scotland’s rethink.


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