SOLICITORS Clough and Willis have seen a 22 per cent year on year rise in commercial property inquiries.
These relate to clients who want to use either a SIPP (Self Invested Personal Pension Scheme) or a SSAS (Small Self Administered Scheme) to release equity from their current business premises or to fund the purchase of a new commercial property.
The Bury-based firm say the rise in the use of these tax-efficient pension planning options is due to an increase in awareness of the two schemes and because people are still shying away from traditional lenders or finding it hard to secure finance.
David Leviten (pictured), head of the Manchester Road firm’s property team, said: “Buying a commercial building via a SIPP or a SSAS can be a good option but it can also be a complicated process. The key is to take the right advice from both a specialist property solicitor and from a financial adviser to ensure you know the potential pitfalls as well as the obvious tax benefits.”
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