Garages for SIPP

supersports

I am considering buying a block of garages by transferring my current

cloud_dog

Are you really sure you want to do this?

I assume that this 'garage investment' only forms a very small part of your overall pension arrangements?

worried_jim

Alarm bells ringing.

JoeCrystal

Sound like a scam to me! I would keep pension funds where it is at the moment if I were you...

Thrugelmir

supersports wrote:

I gather no stamp duty is payable

Depends on the acquisition cost.

dunstonh

I am considering buying a block of garages by transferring my current pension funds to a SIPP how quickly and easily can this be done.

I take it this is a local garage and you are buying the lot within the pension? I mean I doubt you would be acting on one of those cold calling scams selling parking places.

it would help if you could clarify.

supersports

Its a block

cloud_dog

Based on the abundance of information, I would say...go for it.

sandsy

supersports wrote: »

Its a block of 15 garages all currently rented out with a waiting list for vacancies

Not a regulated investment then? No authorised adviser involved? No comeback or compensation for you if it all goes belly up.

Enter parking in:

https://www.fca.org.uk/scamsmart/warning-list%20

Zanderman

sandsy wrote: »

Not a regulated investment then? No authorised adviser involved? No comeback or compensation for you if it all goes belly up.

Enter parking in:

https://www.fca.org.uk/scamsmart/warning-list%20

Where it says:

Parking investments are not generally regulated by the FCA.
Because parking is not generally regulated by the FCA, your investment is not protected by the UK’s Financial Services Compensation Scheme.

If something goes wrong, you're unlikely to get your money back.

If you're considering an investment, check for signs it’s a scam.
You should treat the investment with extreme caution if there’s:

• pressure to invest (eg time-limited offers)
• downplayed risk of losing your money
• promised returns that sound too good to be true

Be wary if you’ve been approached about your pension
Scammers often target pensions, so be very wary if you’ve been approached about your pension.

You should only accept financial advice from someone who is FCA authorised.