IPR Relief

[madgooner]

I am thinking of placing certain property into a SSAS, but have received conflicting advice on what assets may or may not be included. My wife and I own shares in our company, and may want to transfer those into the fund - is that possible? Also can we 'sell' our commercial premises to the SSAS.

Finally, can we appoint anyone as our Pension trustee, or do they have to be registered? Most Trustees that advertise online will only accept stocks and shares as assets within the fund.

Thanks in anticipation

[Anthony Nixon]

The companies I know of which will accept properties into a SSAS are James Hay in Salisbury and Suffolk Life in Ipswich. I suggest you speak to both since they have very different approaches.

Anthony Nixon ATII
Associate Solicitor
Lester Aldridge Solicitors
Russell House
Oxford Road
Bournemouth BH8 8EX

Telephone: + 44 (0)1202 786161
Direct Line: + 44 (0)1202 786155
Fax: + 44 (0)1202 786170
E-mail: Anthony.Nixon@Lester-Aldridge.co.uk
Website: http://www.lester-aldridge.co.uk

[taxman]

Whist i am no expert in pensions matters I believe that a SSAS can invest in (amongst other things) commercial property, quoted shares, own company shares and make loans to the company.

[alastair@livings.fre]

Your main difficulty in trying to place shares and commercial property in to a SSAS is that this will not be allowed if the inland revenue perceive the transaction to be between connected parties. Directors of a limited company are regarded as a connected part and so if the property and / or the shares are held in the names of the directors it is unlikely that you will be able to complete the transaction. The property , if it is currently held in the name of the limited company, may as a specific exception be allowed to be bought by the SSAS.

This can be a most tax advantageous way of limited companies holding property. For those businesses which are not incorporated similar advantages can be obtained by use of a SIPP.

A pensioneer trustee has to be appointed to every SSAS, such a person has to be approved by the Board of the Inland Revenue to act.

Please contact me if you require further information.

Alastair Livings.....alastair@livings.freeserve.co.uk

[alastair@livings.fre]

[ Editor's Note:

Sorry for the problems you experienced while posting replies Alastair. As you can see from the comment below, you only posted it once, so it looks like you've got the hang of it. I removed all the other duplicate replies. Thank you for participating in the Forum. I am sure madgooner will be appreciative.

Martino Matijevic, martino@taxationweb.co.uk ]

Just one further tip....don't ask me for advice on how to post replies!!!!!! it seems i keep repeating myself....apologies to everyone.

Alastair Livings