Property purchased as self administered pension scheme.

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  • #38879
    neil watkin
    Participant

    We have a claimant who is disputing our use of the capital value of a property which was bought (with others) as a self administered pension scheme.

    We have made decisions to include capital because although Schedule 5 of the regs includes ‘funds within a personal pension plan’, but does not include property that is purchased as a pension investment funds.

    Claiamnt seems to be arguing that ‘funds’ should be treated as an all encompassing term.

    Anybody have any experience of this, it will probably mean a tribunal if I refuse the appeal.

    (There is a mortgage on the property and they do receive a rental income from it)

    #110040
    Kay_Tade
    Participant

    I think it all depends. Is it a “proper” personal pension plan?

    There are hoops to jump through in order for this to be a personal pension. see links below, sorry, it’s a bit of a read. I would refuse, based on the info you posted because it doesn’t sound like a personal pension plan to me, and take it to a tribunal.

    http://en.wikipedia.org/wiki/Personal_pension_scheme

    http://en.wikipedia.org/wiki/Self-invested_personal_pension

    http://www.hmrc.gov.uk/pensionschemes/ir76.pdf

    Hope it’s of some use.

    #110055
    John Boxall
    Participant

    If you invest in a SIPP you have to invest via a SIPP provider.

    Basically they should have paperwork that confirms this – see Kays post & Wikipedia link

    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.

    Wilkins Micawber, Ch12 David Copperfield

    #110097
    Andy Thurman
    Keymaster

    “Personal Pension Scheme” is defined in HBR 2 – seems pretty conclusive that your claimant’s “scheme” falls outside this unless (as per Kay/John) there is paperwork!

    #110101
    neil watkin
    Participant

    it certianly seems to be set up via a SIPP firm. Thanks for the replies i will send it to tribunal.

    #110125
    John Boxall
    Participant

    If it’s set up via a SIPP firm then it may well be a SIPP

    I’d be having a good hard look at it before it went anywhere near tribunal

    Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.

    Wilkins Micawber, Ch12 David Copperfield

    #110126
    neil watkin
    Participant

    Thanks, i shall deliberate a while longer

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