Hi
My mother wants to gift me some land, worth £50k.
I understand I can put this straight into my SIPP, and have two questions:
1. Do I get the income tax relief via a self-assessment?
2. If I get planning permission to build residential property on the land, I will need to move the property out of my SIPP.
When I move the land out, is the value of the land added to my income for that year?
So if my salary were £60k, in that year, my income tax would be based on £110k?
(If not, then how do HMRC claim the tax benefit I got back?)
Thanks
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