To ask the Chancellor of the Exchequer what criteria will apply to the purchase of residential properties under his proposed changes to Self Investment Personal Pensions.
The Government's technical paper "Simplifying the taxation of pensions: the Government's proposals" proposes allowing pension funds, including Self Invested Pension Plans, to invest in all types of investments, including residential property. There will be no specific criteria relating to residential properties. There will be a single set of simple, flexible investment rules underpinning the simplified regime.
The private use of pension scheme assets by a scheme member will be subject to a tax charge.