SSAS pension

[robs1]

With the potential threat to APR and BPR does anyone have experience of SSAS pensions to try and protect family assets, are the costs reasonable etc ?

 

[Aspiring Peasants]

With the potential threat to APR and BPR does anyone have experience of SSAS pensions to try and protect family assets, are the costs reasonable etc ?

Had one for a long time. Enabled me to buy land over the years. You need the right pensions administrator. Very tax efficient for IHT and CGT but no guarantee they won’t have a go at that was well.

 

[robs1]

Had one for a long time. Enabled me to buy land over the years. You need the right pensions administrator. Very tax efficient for IHT and CGT but no guarantee they won’t have a go at that was well.

That is the concern ATM but will wait and see what they announce in oct

 

[teslacoils]

Do you have to pay a market rent into your pension fund to farm it?

 

[Aspiring Peasants]

Do you have to pay a market rent into your pension fund to farm it?

Yes you do

 

[robs1]

Do you have to pay a market rent into your pension fund to farm it?

That's not a problem per se for me and it's the industrial units that I'm looking to put in first, I suspect the devil may be in the detail such as stamp duty and running costs, don't want to save a few quid but cost more in the long run

 

[teslacoils]

One you take the government tax carrot, you're at their mercy forever though.

 

[Aspiring Peasants]

That's not a problem per se for me and it's the industrial units that I'm looking to put in first, I suspect the devil may be in the detail such as stamp duty and running costs, don't want to save a few quid but cost more in the long run

I’ve never done it that way round. I’ve put money into the fund and then bought land and building. I think there may be stamp duty but I’m no expert, you need to get advice. It’s worked for me, putting money into the fund and buying land has affectively meant getting the land at a 40% discount. Then when some has been compulsory purchased by the Highways Agency there’s been no CGT

 

[robs1]

I’ve never done it that way round. I’ve put money into the fund and then bought land and building. I think there may be stamp duty but I’m no expert, you need to get advice. It’s worked for me, putting money into the fund and buying land has affectively meant getting the land at a 40% discount. Then when some has been compulsory purchased by the Highways Agency there’s been no CGT

I don't mind paying some stamp duty if I have too as I'm intending to develop some stables on an outlying block and then sell it so no cgt on the sale . Just have to hope the bar stewards don't change the rules in October

 

[Aspiring Peasants]

I don't mind paying some stamp duty if I have too as I'm intending to develop some stables on an outlying block and then sell it so no cgt on the sale . Just have to hope the bar stewards don't change the rules in October

When you say develop the stables, that’s not to residential use is it, because a SSAS can only hold commercial property

 

[robs1]

When you say develop the stables, that’s not to residential use is it, because a SSAS can only hold commercial property

No into stables it's bare land at the moment but have someone who wants to buy it as a ready to go set up

 

[cows sh#t me to tears]

Do you have to pay a market rent into your pension fund to farm it?

Same here in Aus. And it's based on a valuation by a real estate agent. Bare in mind these things have a limited lifespan of around 25 years due to CG. The valuation of our property bought through one increased 10 fold, plus they also valued the water right , which wasn't separate at the time of purchase. It gets to the point it is unaffordable for the farming business to keep paying rent.

 

[Cowlife]

Is this the same as a SIPP? Always wondered about buying farmland into it to save tax. Always scared it would bite me in some unexpected way. Eg 2 farms made over 400/acre locally this year. I'd hate to rent it back at that money.

 

[robs1]

Is this the same as a SIPP? Always wondered about buying farmland into it to save tax. Always scared it would bite me in some unexpected way. Eg 2 farms made over 400/acre locally this year. I'd hate to rent it back at that money.

A sipp is invested into a fund, you can choose the fund but it's not for your own business,

 

[Aspiring Peasants]

Is this the same as a SIPP? Always wondered about buying farmland into it to save tax. Always scared it would bite me in some unexpected way. Eg 2 farms made over 400/acre locally this year. I'd hate to rent it back at that money.

It’s different from a SIPP but they are now equally as good and SIPP is cheaper. I actually transferred my SSAS to a SIPP, including land and property because the SIPP is simpler and more flexible.

The rent has to be market value, you need to do the sums on the tax relief, if it avoids borrowing, what your pension contributions were etc

 

[Still Farming]

Small company type pension scheme is it