Investors incorporating ‘taxable property’ in their SIPP and SSAS portfolios run the risk of having to pay over 70 per cent in tax charges, Hornbuckle Mitchell has warned.
According to HM Revenue & Customs (HMRC) residential property and all ‘tangible moveable property’ is classified as taxable property and thus an additional payment could be bolted on to the original investment purchase price.
Hornbuckle Mitchell stated that any investment they consider is split up into two categories, those that are FSA regulated and also those that must undertake additional checks before they are accepted.
Head of sales Stewart Dick said: “We work closely with advisers to make sure that they are aware of whether an investment is eligible or not, ensuring that the best interests of the member of the scheme are protected."
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