The purchase of commercial property through individual and company pension schemes (SIPPs and SASSs) continues to be a popular option, as it offers not only asset diversification in a tax efficient way but can provide good return on investment.
However, it is extremely important that when dealing with the purchase or sale of a commercial property through a SIPP or SSAS that the large amount of complex additional rules and procedures, over and above those required to be complied with in relation to a normal property sale or purchase, are adhered to. The consequences of failure to comply with these additional rules and procedures can give rise to substantial adverse tax liabilities.
Our team of specialist solicitors act on behalf of pension scheme administrators (of all sizes) and professional trustees on a regular basis and have knowledge and awareness of all statutory rules and regulations to ensure full compliance with HM Revenue & Custom’s pension regulations in commercial property transactions.
Our team can help you with:
- SIPP and SSAS sales and purchases (including individual, joint and multiple party transactions);
- The granting of leases to both connected and unconnected occupational tenants;
- The preparation of declarations of trusts;
- Transfers “in-specie” from one provider/administrator to another;
- Raising finance, secured lending and the refinancing of properties held within SIPPs and SASSs;
- Part purchases and property hiving to facilitate the removal of residential property.