For many investors, the most attractive components of SIPP or SSAS pension schemes are the tax benefits. However, prior to embarking upon a purchase, it is advisable to consider how HM Revenue & Customs (HMRC) will classify the property. If a property is classified as residential – either now, or at some point in the future – this can have negative impacts on your SIPP or SSAS investment and increase your tax charges.
South coast law firm Steele Raymond has expanded its specialist SIPP & SSAS pension property investment services nationally. The Bournemouth-based pension property investment team, part of Steele Raymond’s top tier Property Group, offers specialist pension property advice and expert legal services to Independent Financial Advisors, Accountants, Pension Trustees and Private Investors throughout England and Wales.
Johanna Hammersley, an experienced pension property investment solicitor joined the firm in 2018 and works in the firm’s specialist SIPP and SSAS Pension Property Investment Team. Johanna specialises in acting for pension trustees in the acquisition, disposal and leasing of commercial properties by Self-Invested Personal Pension (SIPP) schemes and Small Self-Administered Schemes (SSAS).
When businesses face uncertainty, business owners can support their cashflow by selling their business property to their pension scheme and renting it back. But how do you withdraw funds from your SIPP pension?
Dorset solicitors, Steele Raymond LLP, have reached a significant milestone, having been recognised as one of Dorset and the South West’s leading law firms by highly respected independent industry bible, The Legal 500 for the 16th consecutive year.
What are the options if you want to put your property into your SIPP or SSAS but it consists of both a commercial and a residential element? Holding a residential property in a SIPP or SSAS pension scheme will attract a significant punitive tax charge…but there are ways to avoid this.
A SIPP or SSAS joint ownership purchase, where both parties are relying on bank finance for the purchase, is perhaps one of the most complex pension property transactions. However, this should not put you off! Discover the three main steps for consideration before opting for a joint ownership pension property investment.
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