A feature of a James Hay SSAS is the ability to invest in commercial property, including business premises, tax efficiently.
However, investing in commercial property is complex. You should consider the risks carefully and take appropriate professional advice.
All property held in a James Hay SSAS will be co-owned and held in the joint names of the member trustee(s) and the James Hay professional trustee.
Here you’ll find information about the responsibilities of member trustee(s) and the forms you’ll need to provide to us if you wish to invest in property within your SSAS.
Your responsibilities and our requirements if you are considering investing in property.
The information we will need about the property you are considering investing in.
If you are purchasing new property within a SSAS.
If you are taking on responsibility for managing property within a SSAS.
If your SSAS held property or land during the tax year 6th April 2018 to 5th April 2019 then you will need to complete and return a form for each property by the end of May 2019.
The information you provide enables us to check that the property is being managed appropriately and to complete the Pension Scheme Return (PSR) for HMRC.
Please complete a form for each property. You can download copies of the form here.
Rental income and details regarding property transactions are reportable to HMRC by way of a PSR, which we are required to undertake annually. The information you provide will be used to enable us to complete the PSR.
In addition, we require that for a self-managed property within a SSAS, we must be informed of any changes that occur to the property physically, the tenants, costs associated with maintenance and renovations, ownership amendments, use of buildings, etc.
This data is important as there are a number of potential scenarios where HMRC could challenge whether the SSAS is being operated in accordance with the governing legislation and seek to raise tax charges for any failure to adhere to these requirements. The Case Studies below provide two examples of how tax charges can be incurred in this regard.
Should HMRC seek to raise tax charges, these can be charged to the principal employer, the member(s), and the SSAS itself and can be as high as 70% across all parties. Therefore, it is vital that we hold accurate and up to date information to ensure we can evidence that all statutory requirements are being met.
I believe James Hay already has some (or all) of the data being requested, so why am I being asked again?
We are aware that some member trustees may have recently submitted the requested information and documents to James Hay, however we need to ensure the information we hold is up to date. If you wish to speak to us to discuss this, please call us on 03333 205 861.
A connected party is defined as a person or persons connected to the member(s) or the principal employer, e.g. close relatives, partners or any company associated with a member or their family including directors of the principal employer and their families.
Please write to us or email email@example.com and we will amend our records. Please note that if the property was sold or transferred away during the 2018/19 tax year, you will still need to complete the SSAS Property Information Form as we are obliged to provide this information to HMRC on the PSR.
Please update your insurance immediately so that it meets our requirements and send us confirmation of the new cover.
Yes, however copies are acceptable.
We are unable to accept any liability for any documents that may become lost in the post and recommend you send any original documents via a guaranteed or recorded delivery service. When posting your completed SSAS Property Information Form and accompanying documents, please indicate in a covering note which items are originals and need to be returned. We will return these to you via recorded delivery.
If I cannot retrieve the necessary documents to complete the SSAS Property Information Form by the deadline, what should I do?
If you are unable to return the necessary information to us by the deadline, please call us on 03333 205 861.
Yes. Please send scanned images to firstname.lastname@example.org.
If you wish to check that we have received your SSAS Property Information Form, please call us on 03333 205 861 or email us at email@example.com.
Ensuring property is managed in accordance with HMRC rules is important to avoid tax charges. The following case studies highlight the possible costs of failing to meet requirements. Please ensure that you return your property information form promptly and keep us informed of all relevant changes regarding property held so that we can ensure evidence statutory requirements are being met.