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bubbleturbo

Sipps Shock As Tax Break Is Shelved

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Well that is the end of that conversation, mods can unpin that stupid sipps thread now, what a shame :lol::lol:

OOpps, I see it has already been ended wwaaahhhahahaha!!

just look at the oops...sipps thread and note the abscence of Bulls........... just goes to prove that most of them are trolling estate agents, obviously too shocked by yesterdays news to do ANYTHING :D

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Guest Riser

Well that is the end of that conversation, mods can unpin that stupid sipps thread now, what a shame :lol::lol:

OOpps, I see it has already been ended wwaaahhhahahaha!!

Savers who have put more than £5 billion into a new type of pension, which the Chancellor promised would be able to buy residential property, will be hit by a "shocking" climbdown announced yesterday.

Ooops :lol:

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Can I say..

No one investing in property was not doing so to.

Work hard for their money.

And no one who was investing in property was doing so without being aware that.

The young were getting clobbered badly. their lives were being massivly and badly affected.

I am a little pre-emptive in using the past tense..

but I am trying it on for size...

Its not just investors who were basing their actions on this.

FTB's were doing so as they had been convinced that SIPPS was going to push everything out of their reach.

The BBC have to aware.. but they did not mention it this morning.

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I wonder how many estate agents don't realise! They will probably keep spinning the SIPPS argument verbally, until someone says "You don't read the news do you!"

Off to work I go....

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I was one of the bears who nevertheless always acknowledged that A-day would have given the housing market a boost. I look forward to some honest bulls posting now admitting that the U-turn by Brown will undermine the housing market. Maybe UI'll have a long wait...

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Oh well Bulls, a halving of economic growth and a cancellation of the famous SIPPS effect, this all in the same speech. You were saying something about a hpc needing a trigger?

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Oh well Bulls, a halving of economic growth and a cancellation of the famous SIPPS effect, this all in the same speech. You were saying something about a hpc needing a trigger?

I wonder whether there will be a MIRAS-type effect, where speculators and BTLers will rush to sell before the market notices?

This could well be a bigger trigger than we could hope for.

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I wonder whether there will be a MIRAS-type effect, where speculators and BTLers will rush to sell before the market notices?

This could well be a bigger trigger than we could hope for.

What time did this news break yesterday? I ask `cos the stiff from Inside Track used SIPPS as a cornerstone for his whole pitch, the meeting started at 6.30, had the news broken by then?

Edited by Converted Lurker

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Whart time did this news break yesterday? I ask `cos the stiff from Inside Track used SIPPS as a cornerstone for his whole pitch, the meeting started at 6.30, had the news broken by then?

Yes - the report was given at 3.30pm.

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The whole thing has been a bizarre mess. Why did the government devise a scheme that could only have benefited the very affluent? Why did so many people fail to read the small print and grasp that SIPPs were unlikely to benefit them? Why did so many people apparently invest a shed-load of money with Standard Life?

Confession time - I went with Mrs BA to see a SIPP adviser a few months ago. He was as baffled as we were as to HMG's motives, but he said that he thought that property was going to be hit by "a wall of money". I thought about it and did the maths and decided it wouldn't work for us.

One last baffling thing - how could ministers have been so incompetent as to lead the financial services industry up the garden path and then with four months to go slam the door in its face? The guy we met had spent ages preparing for a change HMG said was going to happen, and if we hadn't drawn back we would have put money in a SIPP which we later could not have withdrawn. That they should mess about with people in this way is pretty contemptible.

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Yes - the report was given at 3.30pm.

So this guy is very badly briefed or knowingly mis sold. To be fair I was in meetings most of yesterday afternoon and didn`t get back home until 12ish so it is possible to miss news...wasn`t on news 24 last night was it? If so I must have missed it

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Yes - the report was given at 3.30pm.

In that case you can sue them for mis-selling ;)

So this guy is very badly briefed or knowingly mis sold. To be fair I was in meetings most of yesterday afternoon and didn`t get back home until 12ish so it is possible to miss news...wasn`t on news 24 last night was it? If so I must have missed it

I don't accept that. You would expect these people to have listened to the CXhancellor's Pre Budget Speech, surely, in case there was anything that affected their sales pitch. How many people might have signed up for the course, based on the SIPP angle?

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The whole thing has been a bizarre mess. Why did the government devise a scheme that could only have benefited the very affluent? Why did so many people fail to read the small print and grasp that SIPPs were unlikely to benefit them? Why did so many people apparently invest a shed-load of money with Standard Life?

Confession time - I went with Mrs BA to see a SIPP adviser a few months ago. He was as baffled as we were as to HMG's motives, but he said that he thought that property was going to be hit by "a wall of money". I thought about it and did the maths and decided it wouldn't work for us.

One last baffling thing - how could ministers have been so incompetent as to lead the financial services industry up the garden path and then with four months to go slam the door in its face? The guy we met had spent ages preparing for a change HMG said was going to happen, and if we hadn't drawn back we would have put money in a SIPP which we later could not have withdrawn. That they should mess about with people in this way is pretty contemptible.

Maybe it was all a devious plan by Gordon to shake confidence in the housing market in order to put a lid on hyped up propety speculation and encourage people to invest moeny in something at little more secure and trustworthy.

:ph34r:

The again maybe it was just a b@lls up

:lol:

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My father only found out this morning - from the Daily Mail. "I didn't see this on the BBC news last night", he complained.

Apparently, the Capital Gains Tax percentage on the sale of second-home properties "falls off" over time. He went upstairs to work something out. His mood was very subdued.

I never made it in the auditions for Coronation Street, so I had to look away as it was difficult to stifle a smile. I mumbled something about the Chancellor realising how much money he'd lose in tax revenue. I was going to say, "Wouldn't it be great if the government supported businesses better, and all these people with huge pension pots invested in British companies through the mechanism of the Stock Exchange, since that's what it's there for", but decided that this might not be the best time.

I can see this happening: Does anyone have any experience or knowledge of typical exit penalties for BTLers who pull out of off-plan purchases?

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Guest The_Oldie

Does anyone have any experience or knowledge of typical exit penalties for BTLers who pull out of off-plan purchases?

Loss of deposit, plus possible litigation for breach of contract.

I believe that there may be a concession for those that have already signed up for an off plan purchase. They may be able to put the property in their SIPP.

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But I assume this won't attract the 40% tax break?

I doubt it but there is another route. The property was purchased via Inside Track who provided advice on putting it into a Sipp. That is financial advice for which they should be regulated.

Are they regulated?

Are they regulated for the pension advice they gave?

Do they have enough insurance cover to pay the loss. I'd ask a solictor to have a look if I was your Dad. He may well be able to find a source of covering the lost deposit.

Edited by eek

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Its funny how some people can get influenced by VI spin. My lecturer, who specializes in Land Economics disagreed with me openly over SIPPS. He had argued that it would hold up the market, where I countered that its effect would be resigned towards initial support of sentiment. Obviously he holds a great deal more sway with me 'the doom-monger' (because I dont see the short-mid term to be too bright).

Out of a class of 32, only a handful of us question and counter. Many dont believe prices will drop- 'look at the last ten years' they whine. Sometimes its so frustrating that I dont bother with the obvious retort. Sheeple eh. Ill be a little more energised for tonights debate now. For once, cheers GB. Muhahahahaa

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Firstly, the economic effect of SIPPs would not have been enough to stop the crash anyway.

However, SIPPS have been constantly spun by VIs as the thing that would stop the property market from tumbling.

Thus, using their own conclusions on the importance of SIPPS the removal of them will cause the property market to tumble.

Shot with their own gun.

Sentiment has changed.

SIPPS U-turn is both an economic and sentiment trigger.

Run for the hills.

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The whole thing has been a bizarre mess. Why did the government devise a scheme that could only have benefited the very affluent? Why did so many people fail to read the small print and grasp that SIPPs were unlikely to benefit them? Why did so many people apparently invest a shed-load of money with Standard Life?

Why? Because the (largely centre left leaning) Sunday Broadsheet Money sections told them that this was a free money bonanza that they couldn't afford to miss. And the good old gullible English middle class fell for it as usual.

It's like some sort of bizzare abusive marriage, Labour constantly abuse and beat the middle classes, and yet the middle classes always go back for more, and even feel guilty as though it's somehow there fault.

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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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