Government U-turn on Sipps cutting it close to A-Day

As the investment community learnt the news the Chancellor was to remove the tax benefits of residen...

As the investment community learnt the news the Chancellor was to remove the tax benefits of residential property from Sipps, one thought dominated: why wait until four months before the widest ranging changes to the pension system in years to execute a complete policy U-turn? The concept itself was one that was received with mixed feelings. Certainly it seemed positive to break down an artificial barrier in the market by opening the vast pools of pension assets to residential property. Yet there were those who became worried about consumers' enthusiasm for property, built up by media hy...