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So much for SIPPs?

Posted on Thursday, 08 December 2005 05:12PM by courtesy of timesonline.co.uk
I have been away for a few days looking at the property market in Croatia, which meant that until I hit Stansted this afternoon I had been blissfully unaware of Gordon Brown's U-turn over SIPPs - and the chaos that it has caused. For those (like me) who missed yesterday's announcement, the Chancellor made an 11th hour ruling that, despite earlier promises, it will not be possible to use the new Self-Invested Personal Pensions (SIPPs) that will be created next April to invest in property (whether at home or abroad). As I argued below (see What's the French for SIPP?), there were already considerable doubts about the extent to which it would be possible to enjoy the benefits of SIPPs to invest in any but a handful of foreign countries anyway. Nevertheless, such a dramatic change with just four months to go hardly seems a serious way of running economic policy.

I'm not so worried about all those financial institutions who have invested huge amounts of time, money and effort in devising ways of using SIPPs for buying property. I am concerned, though, about all those individual investors who have begun investing in these schemes in good faith......read more
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