It is important that the beneficiaries seek Regulated Financial Advice before they make any decisions. This is a complex area and can have tax implications.
But the options are:
- Sell the property that is within the SIPP
- Purchase the property from the SIPP
- There might be an option to remove the property from the SIPP and own it personally, although this may not be tax efficient.
- Or finally, they may decide to continue with the SIPP, transfering it into their own names. Setting up drawdown accounts and taking the rental income the property is generating.
Finding the right tax efficient solution which suits your beneficiaries is complex and we strongly recommend that anyone who has inherited a property SIPP see professional Regulated Financial Advice
