Sipp

mania112

Some clarity here:

Forget about the tax implications. If you can buy something for a penny that might be worth a lot more, just do it. Tax is only ever a percentage of something, so you'll still be ahead on the sale.

What is concerning is that you've lost £250k (and I suppose I commend you for being seemingly relaxed about it).

Has an IFA really recommended you bought those shares?

You need to start pumping money back into the pension so you have something to live on in retirement. This time invested in something sensible.

BLUEUP

Yes,it was a pension specialist called Rockingham retirement,they went bust of course and their IFA'S were fined for miss selling but no one takes any blame and it's not their money but mine,so that's all right then.
Std life ,std life ,std life.
Think about your options when you get your advice and choose your trustees with care for your sipp.
no need to reply anymore.
Blue.

jem16

BLUEUP wrote: »

Yes,it was a pension specialist called Rockingham retirement,they went bust of course and their IFA'S were fined for miss selling but no one takes any blame and it's not their money but mine,so that's all right then.
Std life ,std life ,std life.
Think about your options when you get your advice and choose your trustees with care for your sipp.
no need to reply anymore.
Blue.

Rockingham Retirement was well documented on here years ago. It's a pity you weren't here then.

https://forums.moneysavingexpert.com/discussion/1247921

redbuzzard

Strewth.

http://www.heraldscotland.com/business/personal-finance/bitter-blow-for-investors-in-battle-over-toxic-bonds.20367568

If the advice is considered remote from the loss when a large proportion of, or an entire, pension fund has gone into a single investment then I don't think I'll be relying on FSCS compensation.

doughnutmachine

BLUEUP wrote: »

Hi,need some advice please.I am in income drawdown in a sipp.I have received a letter from the sipp trustees stating they have revalued an investment held in the sipp at one penny.
Question,can i buy this investment and transfer it out and pay the tax on one penny to HMRC.
If the value were to go up at a future date,would i be liable for tax and at what rate,or would the pension comp have to pay the tax as they revalued it incorrectly.
I am a basic rate tax payer.
Rgds,
Blue

why do you want to buy this asset at a penny?

as I understand it, if you buy this asset from your sipp for a penny then sell it for 30k you will have to pay tax on the capital gain.

tbh, I think it best to leave it in your sipp, and be more wary of financial advice.