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Sipps..........again

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I recently wrote to my MP regarding the SIPP matter, I made out I was more outraged than I actually am(though I'm slightly miffed about it all) in a possibly futile attempt to gain futher leverage.

Got the following e-mail back from him today. My local MP is a conservative by the way, recently moved to the area so I don't really know anything about him...

Dear Mr <content removed to protect the innocent>,

Thank you for your recent email.

I understand and share your concerns about the possible impact of the

Government's decision to remove the ban on investment in residential

property by self-invested personal pension schemes (SIPPs) and small,

self-administered schemes (SSAS).

My colleague George Osborne MP raised this issue when the legislation

that introduces these changes was debated, but Ministers dismissed our

concerns.

You may be interested to know that this issue was recently raised at

Treasury Questions. The Minister with responsibility for SIPPs, Des

Browne MP said:

"Government guidance sets out the implications of putting a residential

property into a SIPP, which is unlikely to be an appropriate investment

for most people. The Government will keep the matter under review and

will not hesitate to act if there is evidence of abuse."

I can assure you that we will be closely monitoring the implementation

of the Government's changes, especially their impact on the housing

market. We will certainly hold the Government to its commitment to keep

the matter under review.

I will write to the Chancellor of the Exchequer so that he is made

aware

of your concerns. I will also forwarded your email to Phillip Hammond,

the conservative Shadow Chief Secretary to the Treasury, who will be

able to better outline our position. Any responses I receive I will

certainly forward to you.

Thank you for taking the time to write.

Yours Sincerely,

Brian Binley MP

Northampton South Constituency

Ok, on the plus side. I sent the letter on Monday so he has replied pretty quickly, so all credit there. I sent the letter via www.writetothem.com which is pretty good for finding out who your MP is and sending messages direct to them. Another plus is that he hasn't just palmed me off with a standard response like "I have read your e-mail and will take the matter onboard yada yada yada". Least hes given me a lengthy response.

And the the not so good.....he seems to have used an awful lot of words to actually not say much. A lengthy ramble if you will, a Sunday afternoon hike across the leafy meadows. I'm left wondering whether he really does share my concerns at all and whether he really will write to Gordon the Clown. Of course, if this Phillip Hammond guy replies to me I'll be sure to post what he has to say on the subject as well.

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I think Gordon and co. will genuinely close this as a tax loophole.

But he'll wait until about 3 months after it is introduced, by which time all of his rich buddies and himself will have filled their boots anyway.

Then he'll come over all apologetic about how it was a bad idea, how unfair it was, and how he is such a good, fair man for now removing SIPPS.

You heard it here first. Zorn - can you ask Alistair if that was how its going to go :P:P:P:P:P

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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