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SIPP and Holiday let
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MrMajic
Posts: 59 Forumite
Hi All
I'm interested in moving my SIPP investment from stocks/shares into a holiday home/apartment, which I understand is ok with HMRC provided that it's a "hotel" and not a residential property.
Does anyone have experience of this type of investment?
Thanks
I'm interested in moving my SIPP investment from stocks/shares into a holiday home/apartment, which I understand is ok with HMRC provided that it's a "hotel" and not a residential property.
Does anyone have experience of this type of investment?
Thanks
0
Comments
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Yes lots
Forget appartments and holiday lets - anything that looks like a house or appartment will not pass HMRC
If however you want to invest in a propery multi occupancy hotel being run commercially then a SIPP or SSAS can do thisNote I am Chartered Financial Planner and award winning Independent Financial Adviser but I can only give advice to clients who have given me their financial details. Any comments given in open forum are my own thoughts and are designed merely to assist and do not constitute advice0 -
Thanks for your input.0
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Yes lots
Forget appartments and holiday lets - anything that looks like a house or appartment will not pass HMRC
If however you want to invest in a propery multi occupancy hotel being run commercially then a SIPP or SSAS can do this
A couple of questions if I may.
1) Surely HMRC doesn't come along for a viewing or ask for a photo does it ? So how does what it looks like matter ?
2) What would happen if a commercial building held in a SIPP were to change use ?0 -
If you are in any way being 'persuaded' to do this using a so-called 'property company' specialising in overseas property for SIPPs, then you must be prepared for a huge possibility that you are being ripped off, big time.0
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property.advert wrote: »A couple of questions if I may.
1) Surely HMRC doesn't come along for a viewing or ask for a photo does it ? So how does what it looks like matter ?
2) What would happen if a commercial building held in a SIPP were to change use ?
1) Ok in first instance it is pension provider who will check because they will not want the issue and they have to report each year on what scheme has bought and wont lie for you. In second instance yes if HMRC starts enquiry they will ask for copy of surveyors reports and can and do send district valuer to property.
2) The building would cease to be allowable and a tax charge of 55 or 70% of the value becomes payable. You may think they wont find out but the world is an electronic one so dont think that they are not smart enough to run one database against anotherNote I am Chartered Financial Planner and award winning Independent Financial Adviser but I can only give advice to clients who have given me their financial details. Any comments given in open forum are my own thoughts and are designed merely to assist and do not constitute advice0
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