Pensions (Hansard, 4 February 2004)

§ Andrew George
To ask the Chancellor of the Exchequer how many(a) residential and (b) other properties have been purchased under the Self Investment Personal Pension system since its introduction.[152163]

§ Ruth Kelly
The purchase of residential properties is not currently permitted under the current rules for Self Invested Pension Plans. No figures are available on the numbers of other properties purchased under Self Invested Pension Plans

§ Andrew George
To ask the Chancellor of the Exchequer what assessment he has made of the impact of the changes proposed in his pre-Budget statement in respect of Self Investment Personal Pensions upon(a) availability of housing for rent, (b) the amount and proportion of second and holiday homes, (c) the availability of housing in areas with a high preponderance of second and holiday homes and (d) other aspects of the housing market.[152164]

§ Ruth Kelly
The Government's technical paper "Simplifying the taxation of pensions: the Government's proposals" proposes allowing pension funds to invest in all types of investments, including residential property. The impact of this change, if introduced, will depend on the extent to which trustees and administrators decide that residential property is a suitable pension scheme investment.

§ Andrew George
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.[152165]

§ Ruth Kelly
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.