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A self invested personal pension (also known as a SIPP) is a UK government approved pension plan which is very similar to a normal personal pension but you have much more control over what your fund is invested in and can choose what assets to buy, lease or sell.
With a SIPP pension plan, you receive tax rebates on your contributions and there is a much larger range of investments such as shares, commercial property, equities etc that you can hold within the plan which you can’t with a regular personal pension plan.
The same rules as with a personal pension scheme also apply with a SIPP such as the level of contributions, benefit withdrawal etc.
Any income earned from assets held within the Self Invested Personal Pension Plan are free from income tax and any asset growth is free from capital gains tax.
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