November 8, 2007
SIPPs in Spain: Buy Now, Says Pension Chief
For buyers who are really serious about buying properties in the Spain, UK or other sunbelt countries, it is advisable that they should move now since it is already seven months to the start of the new tax year and the official launch of the Government-inspired SIPP pensions.
This is according to Ian Rowe, of Progressive Financial Planning, who has a specialist department managing SIPPs (self invested personal pensions) that are foreseen to be part of the “pension lifelines” for millions of UK taxpayers. He said that second properties can now be bought off-plan in the present tax year with the sale finished from 2006 onwards and that all the tax perks, including a Government contribution of up to 40 percent of the price will now be ready.
He added that they are expecting a huge number of SIPPs in the UK pension markets in April and that SIPP providers will be very busy keeping up with this demand. It is actually advisable that they would have to set up the SIPPs prior to April for any untoward happenings. This is actually advisable for clients who have decided that the SIPP is advantageous for buying property.
“Many clients opt to buy off plan because it reduces what they need to pay for the properties, and therefore, this increases the profit on resale. It is highly probable that the property should be put in SIPP right now since providing the property does not include the habitation license and that the completion of the property is extended beyond April of next year,” he said.
Ian Rowe also put importance in the clients planning to maximize the pension provisions that they shouldn’t miss the funding for both last year and this year’s allowance in the pension fund. This will seem unnecessary to many because next year’s funding limit will cover the amount of property for next year, but Ian said that SIPP has enough liquidity to cover all charges.
Posted on: Spain
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