We are delighted to hear that Revenue Scotland have changed their treatment of in-specie transfers of property between pension schemes, so that Land & Building Transaction Tax (LBTT, which replaced Stamp Duty Land Tax in Scotland in 2015) will not apply to any future transactions and is also retrospective for any instances which have suffered tax.
There had been considerable uncertainty after Revenue Scotland published a statement in October 2016 indicating that there would be an LBTT charge on these transfers.
The full announcement can be found here (LBTT Technical Update 3, issued 28th December 2017):
https://www.revenue.scot/land-buildings-transaction-tax/lbtt-updates
This is welcome news for those who may have felt stranded or locked in to a particular pension provider, provided there is no consideration given in the form of money or money’s worth the transfer of a property between pension schemes will be free of LBTT.
January 2nd, 2018
The Minerva SIPP can invest in a wider range of assets including commercial property and land, on an individual or group basis. Any combination of permitted investments may be made within a Minerva SIPP including deposit accounts, DFM, open market platform/wrap accounts, stockbroker accounts and trustee investment plans, all held together within the same SIPP.
SIPP Lite is a lower cost option, for those that do not require multiple investment accounts, or access to commercial property and land at outset. SIPP Lite members are restricted to a maximum of one investment account, to run alongside the default SIPP bank account. This investment account could be another bank account or ONE of the following: stockbroker account, DFM, open market platform/wrap account or a trustee investment plan. For individuals that require additional investments at a later date, including commercial property and land, they can upgrade their SIPP Lite plan to a Minerva SIPP.
A Small Self-Administered Scheme (SSAS) is a type of UK registered pension scheme. Each SSAS is governed by its own trust deed and rules and is a separate legal entity to the sponsoring employer. The sponsoring employer establishes the SSAS and invites members to join. Any individual employed by the sponsoring employer (or a participating employer) may join the scheme and all members are appointed as trustees alongside the professional trustee. SSAS trustees have a very wide range of investment options, including the ability to make secured loans to the sponsoring employer of up to 50% of the net asset value of the scheme, subject to certain conditions.
We have been operating in these markets for over 20 years. The SSAS business was formed in 1997, and in 2003 we launched our flagship product, the Minerva SIPP. The range is completed by SIPP Lite, which has been available since July 2012.
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