TREASURY'S ARROGANCE AND IGNORANCE OVER SIPPS WILL PROVE COSTLY - OAKESHOTT

12.19.00pm GMT Tue 6th Dec 2005

Commenting on the Pre-Budget Report announcement on the exclusion of second homes and fine wines from Self-Invested Personal Pensions, Liberal Democrat Pensions Spokesman in the Lords, Matthew Oakeshott said: "Gordon Brown's climb down over allowing people to put second homes and fine wines in tax sheltered SIPPs has come desperately late.

"It is likely that many thousands of individuals will now be out of pocket having set up SIPPs believing Government assurances. And the costs to the industry are also likely to be significant.

"Why did the Treasury ignore repeated warnings over the last two years? The Treasury must take proper professional advice on changes like this in future."