The recent judgment in the HMRC v SIPPchoice case, published in May, was in relation to tax relief on in-specie contributions. This case has been ongoing for a number of years and it would appear that we finally have resolution.
It’s been a few years now since the words “holiday”, “property” and “SIPPs” were commonly found together.
When SIPPs were in their infancy they were largely a niche product reserved for the most affluent, small business owners and entrepreneurs.
As the UK moves into the 7th week of lockdown and the world has changed beyond all recognition, it has also been a time of reflection.
The recent news that the withdrawal charge for Lifetime ISAs (LISA) was being dropped from 25% to 20% was very welcome and a pragmatic move by the Treasury.
It will be no surprise to those of you that know me, or at least read some of my blogs last autumn, that I’m not the biggest fan of default investment pathways, especially when it comes to SIPPs, and most definitely when advisers are involved.
We all know that annuity sales have been in decline for some time with the rise in popularity of drawdown under the Pension Freedoms and the poor value they are perceived to offer.
It is hard to believe that the first SIPP was sold over 30 years ago.
The FCA recently issued its long-awaited policy statement on disclosing costs and charges to workplace pension scheme members – PS20/2. I wrote about this back in June last year, shortly after the consultation had closed and it had all been very quiet for a long time.
It is quite hard to believe that we have just welcomed in the start of a new decade as 2020 begins.