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The Government is to consult on whether the investment restrictions should be relaxed to allow conversions of empty commercial property for residential use.
The aim is to encourage investment into the large number of empty commercial properties and to all pension schemes to purchase and convert those to residential use. We expect that no personal use will be permitted, but disposal on arms-length terms to connected persons will be allowed.
The Government this time seems to be following similar pension practice to that of Europe, but the last time residential property was to be allowed as an investment (8 years ago) the Government got cold feet. The present mood is a little more encouraging as the interest in pensions is at an all time low.