Business owners may be able to use their own Self-Invested Personal Pension (SIPP) to buy commercial property and rent it to their own businesses – what are known as ‘connected parties’.
Such cases can have particular benefits. However, they also have risks and responsibilities. If you are considering such an arrangement, this briefing note, looking at how rent arrears are dealt with, helps ensure you understand the implications.
Key points include:
- the conflicting roles of landlord and tenant
- addressing arrears
- lease terms
- repayment plans
- legal action and pursuing debts