Although the exact tax situation will depend on the investor's personal circumstances, a SIPP can offer up to 45% tax relief on contributions and no capital gains tax or additional income tax to pay in the UK. SIPPs don't curtail the range of investments an investor can choose from and can include investments from a variety of sources, even overseas.
However, due to the wide range of the investments allowed in a SIPP and the fact that they usually follow a recommendation from your financial adviser and not the SIPP company, the capital can end up being placed into riskier unregulated investments, such as high-risk commercial property, carbon credits, bio diesel and forestry. This increases the risk that the investor will lose their pension fund.
Did you buy a SIPP because you wanted to take control of your retirement planning, with the flexibility of being able to choose how your money is invested? Did you later find out that you've been given inadequate advice or even misled about the risk involved? If so, you may have been a victim of SIPP mis-selling - and you may be able to make a mis-sold SIPP claim.
We're the UK's leading mis-sold SIPP claims specialists. Our team is made up of financial advisers and former bankers who have an extensive experience and knowledge of the SIPP complaints process.
We pride ourselves on our customer care. When it comes to customer service, our customers' best interest is at the forefront of everything we do - and we've successfully claimed over £70 million in compensation for clients who were mis-sold investments.
Don't write off your losses! Get in touch today and speak to one of our friendly advisers. We will listen to your situation and identify whether your SIPP was mis-sold to you. We'll discuss your complaints and options, and explain how you may be able to claim compensation. Call us today on 01903 868251.