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Putting Property into Pensions
from: ...Tip! Ask friends and acquaintances who have recently sold a property for their experiences and recommendations.
What is exciting about Property Pensions is that people will be able to borrow money and invest in residential property via their Self-Invested Personal Pension for the first time. Given the property market boom in recent years, this could be very profitable.
The way that Property Pensions work is as follows:
When you purchase a property within your pension you get a rebate of 22-40% on your investment from the government.
In other words you are able to get a discount of up to 40% off the property purchase price. On top of this you are able to avoid paying income or capital gains tax on your new property.
Under the new rules you are allowed to put your own home within your Self-Invested Personal Pension. However, this is less lucrative that doing so with a buy-to-let property.
The reason for this is that first homes are already exempt from capital gains tax and you are unlikely to earn an income from your home which could be taxed.
Tip! Very large trees close to your property that shed profusely. Very large trees that shed profusely will tend to clog the gutters of your building, not to mention the mess that accompanies the falling leaves, particularly during the fall.
A note of caution however:
Although Property Pensions could be a very way to save and invest money, do remember that as with any other investment. Diversification is essential to enable you to manage your risk. Therefore do consider investing in property, but ideally invest in something else as well.
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