Monday, 26 September 2016 11:18
SSAS and Sipps: Should same capital rules apply?
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Karena Woodall, consultant at Mattioli Woods
In a guest column for Sipps Professional, Karena Woodall, consultant at Mattioli Woods, discusses the treatment of SSAS and Sipps and if there should be any difference in how they are viewed in regulatory terms.
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Friday, 30 September 2016 17:34
posted by Jeff Steedman
I agree with most of Karena's comments in this interesting article. At Xafinity, we also treat SIPP and SSAS investments the same. SIPP providers have more exposure to potential tax charges, especially the 15% sanction charge and are therefore providers more likely to be cautious with investments.
The problem with "regulating" the SSAS market to align it with SIPPs is that 10 years ago, HMRC introduced rules that allows any Butcher, Baker or Candlestickmaker to be a SSAS Administrator. Unless there is a return to compulsory "SSAS professional trustee", then regulation will simply not work.