SELF-INVESTED PERSONAL PENSION SCHEME

Motion Text

That this House believes that the proposal to offer tax relief on the purchase of homes under the Self-Invested Personal Pension Scheme rules commencing in April 2006 provides insufficient public benefit, will encourage the purchase of second homes, and will put Her Majesty's Revenue and Customs in a difficult policing position in regard to the pensionholder's use of a property; notes that the investment industry's estimates of the volume of this business far exceeds the Government's and that there may be a higher loss of taxation than expected; and calls upon the Government to apply the tax relief solely to homes made available for social housing, and to ensure that such homes are offered free of rent to the social housing provider managing the property.