Moving an asset out of a SIPP

TopFieldBees

I am nearly 77. I have had a splendidly happy relationship with my SIPP for 20 years. That SIPP has a little cash in it, but the main asset in it is a factory unit in it which I rent from the SIPP for my profitable trading company. The last simple lease has now expired and I am being forced into taking out a new lease with some horrendous clauses and costs. I want to buy the VAT registered factory unit from the SIPP though my VAT registered company and simply leave the SIPP with enough cash in it to be drawn down - if I am lucky - before I die. 

Is this sensible or do I cough and put up with the SIPPS new onerous demands and rules.  

Albermarle

SIPP's including items like commercial property are not mainstream, so not many on the forum will be able to answer you, and will probably advise that  you should get some professional advice.

Marcon

Albermarle said:

SIPP's including items like commercial property are not mainstream, so not many on the forum will be able to answer you, and will probably advise that  you should get some professional advice.

Got it in one. There are potentially wide-ranging considerations here, not least tax.