My wife and purchased a plot of land at auction. This was a speculative purchase as the plot had previously been refused planning permission.
We have now successfully obtained planning permission to build a holiday let restricted property on the plot. There is a specific condition of the planning approval that ‘the development hereby permitted shall be used as holiday accommodation only and shall not be occupied as a person's sole or main place of residence.’ The planning application was also considered commercial for the purposes of calculating the planning fee.
I would now like to set up a company which is owned by two SIPPs (one mine, one my wife’s) to buy this plot of land from us and then build the property to be run as a furnished holiday letting.
I was wondering if the above is possible please?
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