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SIPP holding land/woods
PaulCooper
Posts: 304 Forumite
I have a SIPP, which I'm pretty sure the rules of which allow it to hold land as an asset (asked the question of the provider several years ago).
Question---- would it be allowable for the SIPP to purchase land/woods from me
obviously at an 'arms length' commercial valuation?. If so, how often would the land have to be re valued? (just thinking about the charges involved)
Thanks in advance for any thoughts
Paul
Question---- would it be allowable for the SIPP to purchase land/woods from me
obviously at an 'arms length' commercial valuation?. If so, how often would the land have to be re valued? (just thinking about the charges involved)
Thanks in advance for any thoughts
Paul
0
Comments
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Is this real land/woods or a scam land/woods? The mention of forestry usually results in the company offering it being a scam.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Hi Dunstonh
It's real land/woods, which I already own & have done for several years
Paul0 -
There are rules preventing residential property in a SIPP but not sure about land.
What is the land/woods used for? You obviously wouldn't be able to make use of the land owned by the SIPP unless you pay it a commercial rent (otherwise anyone would buy stuff they want to use through their SIPP and get tax relief on things they use now).0 -
land is usually ok (check with your SIPP provider) , not residential use nor if you are looking to turn it as that is trading so a buy and hold - you will need a redbook valuation0
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Thanks Vespaboy, what's a redbook valuation?
Paul0 -
It's technically possible, but SIPP providers have in recent years tightened up their restrictions on "non-standard" assets, which means you may no longer be able to buy this within your pension.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Paulcooper -redbook valuation is the RICS commercial valuation - the Sipp needs to know the price is correct . Check with your SIPP provider as they do differ as to how they view assets held0
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