Not everything in the Budget makes it into the Chancellor’s Budget speech we see on television. There’s simply not enough time, and only the highlights are widely reported in the popular press. We make sure we keep an eye on all of the Budget proposals, with particular focus on SSASs and SIPPs, so that we are fully up to speed and can advise our clients accordingly.
Despite not making it into George Osborne’s March 2013 speech, the full Budget statement announced that the government is to consult on allowing schemes to invest in residential property. Specifically, the government is considering allowing schemes to invest in residential property, where the residential property is the result of a commercial property conversion. This would allow derelict or underused commercial property to be turned into residential property.
The Budget document says: “The government will explore with interested parties whether the conversion of unused space in commercial properties in high streets and town centres to residential use could be encouraged by amending Investment Regulated Pensions Schemes rules.”
As with all Budgets, this one’s proposals have to be debated and approved by parliament before they become law. We’ll hold back on any further comment for the moment. But watch this space.