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YOUR MONEY.

Your money queries are answered by Trevor Clark, Director of Rutherford Wilkinson Ltd, Chartered Financial Planners Q. I have a Self Invested Personal Pension (Sipp) which owns the commercial property from which my company operates. I am not happy with the service received from my Sipp provider and wish to move to a different one. My solicitor has warned me that there may be a Stamp Duty cost in doing so, which seems unfair. Is this true? A. A Sipp can be a great way to own business premises, as your business will pay rent to your pension scheme and any growth in the property value is protected from capital gains tax or corporation tax.

However it is important to have the right support from the Sipp provider. It is possible, however, to move providers or even to move to a Small Self Administered Scheme (SSAS), a similar scheme offering a couple of extra features.

Fortunately, HMRC have recently clarified that where a property is transferred on an "in specie" basis from one scheme to another and where the beneficial owner (i.e. the member of the scheme, you) of the asset is the same, no Stamp Duty Land Tax is due.

Q. I have had my current bank account for over 30 years. I keep reading about special deals to move but is it really worth the bother? A. Most people in the UK are in a similar position to which you describe and hold on to a bank account just because their parents told them it was good place to be. It certainly is worth shopping around and the switch might not be as painful as you might expect.

Good offers from some banks include a simple cash payment of around PS125 just for switching. One relative newcomer to the banking sector recently raised the stakes in the battle for current accounts by offering a package worth PS316 in the first year including an initial PS100 store voucher and PS10 per month to spend in-store!

| If you have a question you would like Trevor to answer, please email it to: yourmoney@rwpfg.co.uk or post it to Your Money, Rutherford Wilkinson Ltd, Northumbria House, 21 23 Brenkley Way, Blezard Business Park, Newcastle, NE13 6DS. Call 0191 217 3340 or visit www.rwpfg.co.uk (We cannot guarantee that your question will be featured). Rutherford Wilkinson Ltd is authorised and regulated by the Financial Conduct Authority.

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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Feb 11, 2016
Words:408
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