XPS Self Invested Pensions is waiving its property purchase fee for ‘connected parties property purchases’, a saving of between £890-965 + VAT.
The company said the aim was “to help advised clients generate funds back into their business, improving their cash flow and assisting in their recovery from the impacts of the pandemic”.
Purchasing commercial property via SIPP or SSAS can deliver significant tax benefits as well as generating funding for businesses.
Andy Bowsher, director of Self Invested Pensions at XPS, said: “The financial and commercial impacts of COVID-19 have been severe for many SME businesses. As the country emerges tentatively from lockdown and the various government supports are withdrawn, many businesses will be looking at opportunities to raise cash as they literally fight for survival. Selling their commercial premises to their pension scheme can provide a vital bridge, while also delivering an excellent and tax efficient investment to their pension. We want to support these clients by waiving our property purchase fee.”
Jeff Steedman, head of Business Development for XPS Self Invested Pensions added: “Financial advisers are playing a vital role in supporting their small business clients with financial decisions during these tough times, especially those in the retail and entertainment sectors who have been impacted most severely by the pandemic.
“Tens of thousands of business owners have sold their premises to their pension schemes over the years. The rental income, along with capital growth in the value of the property, has provided excellent returns for the client’s SIPP/SSAS. Exploring all options with clients, including potentially selling their premises to their pension scheme, is something all advisers with SME clients should consider. Advisers should make their clients aware of both the pros and cons of this type of property purchase. ”
XPS says the offer will run until 30 September 2021 and only applies to advised clients who are buying a commercial property and/or eligible land from their company, themselves personally, or someone “connected” to them. The offer does not apply to third-party purchases or in specie transfers. The property purchase must complete by 1 April 2022. Full Terms and conditions are available on the XPS website. https://www.xpsselfinvestedpensions.com/
