Self-invested personal pension

From April 6th 2006, you will be able to invest up to 100% of your income within a SIPP Pension fund. The upper limit of the amount that you can invest is £215,000 and the maximum amount that can be invested within the fund is £1.5 million. If the fund value exceeds £1.5 million then the excess will be taxed at 55%. Until Gordon Brown's Pre-Budget Report on 5th December 2005 the proposed tax regime changes were set to allow direct investment in residential property and other exotic assets like vintage cars, wine, stam ...

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Self-invested personal pension, Self-invested personal pension - Investment choice, Self-invested personal pension - History, Self-invested personal pension - Structure, Self-invested personal pension - Tax treatment, Self-invested personal pension - Changes after A-day

Read more here: » Self-invested personal pension: Encyclopedia II - Self-invested personal pension - Changes after A-day

Contributions to SIPPs are treated identically to contributions to personal pensions. Individual contribution will receive automatic basic-rate tax-relief; higher-rate taxpayers can claim additional relief through their tax returns. Employer contributions are allowable against corporation or income tax. Income from assets in the scheme will remain untaxed; although in common with other pensions the tax credit for UK income is no longer reclaimable. Growth is free from capital gains tax. Pension income provided either from an annuity or via income withdrawal ...

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Self-invested personal pension, Self-invested personal pension - Investment choice, Self-invested personal pension - History, Self-invested personal pension - Structure, Self-invested personal pension - Tax treatment, Self-invested personal pension - Changes after A-day

Read more here: » Self-invested personal pension: Encyclopedia II - Self-invested personal pension - Tax treatment

Unlike personal pensions, where the scheme trustee or administrator has ownership and control of the assets, in a SIPP the member may have ownership of the assets (via an individual trust} as long as the scheme administrator is a trustee to exercise control. The role of the scheme administrator in this situation is to control what is happening and to ensure that the requirements for tax approval continue to be met. ...

See also:

Self-invested personal pension, Self-invested personal pension - Investment choice, Self-invested personal pension - History, Self-invested personal pension - Structure, Self-invested personal pension - Tax treatment, Self-invested personal pension - Changes after A-day

Read more here: » Self-invested personal pension: Encyclopedia II - Self-invested personal pension - Structure

The rules and conditions for a broader range of investments were originally set out in Joint Office Memorandum 101 issued by the Inland Revenue in 1989. Today the rules have been incorporated into The Personal Pension Schemes (Restriction on Discretion to Approve)(Permitted Investments) Regulations 2001 (SI 2001/117) which came into force with effect from 6 April 2001. (Source: HMRC Pensions Update 123 2002) ...

See also:

Self-invested personal pension, Self-invested personal pension - Investment choice, Self-invested personal pension - History, Self-invested personal pension - Structure, Self-invested personal pension - Tax treatment, Self-invested personal pension - Changes after A-day

Read more here: » Self-invested personal pension: Encyclopedia II - Self-invested personal pension - History

Members may make choices about what assets are bought, leased or sold, and decide when those assets are acquired or disposed of. The range of assets include: Stocks and shares listed on a regognised exchange Futures and options traded on recognised futures exchange Authorised UK unit trusts and OEICs and other UCITS funds Unauthorised unit trusts that don't invest in residential property Investment trusts subject to FSA regulation Unitised insurance funds from EU insurers and IPAsSee also:

Self-invested personal pension, Self-invested personal pension - Investment choice, Self-invested personal pension - History, Self-invested personal pension - Structure, Self-invested personal pension - Tax treatment, Self-invested personal pension - Changes after A-day

Read more here: » Self-invested personal pension: Encyclopedia II - Self-invested personal pension - Investment choice