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Tuesday, 8th December 2009 Change Date

Pensions plea to help homes

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Published Date: 08 September 2008
A GROUP of leading Edinburgh solicitors has urged the Government to help boost the under-pressure property market by reviving its plans to allow pension funds to buy houses.
The ELPG group believes the Government should lift the ban on holders of Self Invested Personal Pensions (SIPPs) being able to invest in residential property.

They are currently only able to invest in commercial properties.

In 2005, the Government drafted legislation which would extend the scope of SIPP investments to include residential properties but made a U-turn the following year.

Steve Spence, ELPG member and senior partner of Neilsons said: "The Scottish property market held up well during the early part of the year but there has been a major slowdown in recent times."





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  • Last Updated: 08 September 2008 9:31 AM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
 
1

A Friend of Fernando Poo,

08/09/2008 12:56:07
Hang on: weren't people supposed to be buying property insted of a pension because pension funds were up the creek?

Now those pension funds are needed to rescue property?
2

World class concrete,

09/09/2008 11:14:11
This was the scheme which would have allowed investors to get tax relief on buying up residential properties. Glad it was scrapped. Houses should be homes, not part of someone's property portfolio. The grossly inflated property market will sort itself out in time - leave it alone.

 

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