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<b>PBR:</b> Pensions U-turn puts industry in a spin. By Nichola Ross Martin

Posted by AccountingWEB in Tax, In business on Thu, 08/12/2005 - 14:14

By Nichola Ross Martin

The Chancellor's U-turn in the 2005 Pre Budget Report on investment freedom for Self-Invested Pensions Schemes (SIPPs) and Small Self-Administered Schemes (SSAS) has left the pensions industry reeling. Investors in 'self-directed' SIPPS and SSASs will receive no tax advantages from 6th April 2006, if they invest in 'prohibited assets' which include residential properties, fine wines, classic cars and art and antiques.

Life assurers and other pension providers therefore have wasted millions of pounds preparing for new investments on A-day.

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