Can SIPPs and
SSASs buy listed
buildings?
Making the grade
Can SIPPs and SSASs buy listed buildings? 1
Owning listed properties can come with additional complications. However, these are not
insurmountable, even in a self-invested pension.
RISK | PENSIONS | INVESTMENT | INSURANCE
Brieng
Listed buildings are dened by the Planning (Listed Buildings
and Conservation Areas) Act 1990 – or LBA 1990 for short –
and are buildings of special architectural or historic interest. A
list of them is kept by or on behalf of the Secretary of State, as
mandated by the Act.
Once a building has been listed, “listed building consent” will
probably be needed if the building is to be altered, extended or
demolished. Depending on the nature of the work, this might be
in addition to planning permission or, if the work is more minor,
on its own.
If work is carried out without listed building consent (or not in
accordance with its terms), a “listed buildings enforcement notice”
(LBEN) has wide ranging powers to address the situation. LBA 1990
has real teeth as it carries the threat of prosecution. In particular:
While SIPP and SSAS providers
could choose to impose a blanket
ban to eliminate any risk, specialist
providers like Barnett Waddingham
take a more nuanced approach.
•
it is a criminal oence to demolish or carry out
works that aect the listed building’s character
as a building of special architectural or historic
interest;
•
the owner of the land becomes criminally liable if
a Listed Building Enforcement Notice (LBEN) is not
complied with; and
•
current owners may be held liable for
unauthorised work carried out by previous
owners.
The maximum penalty for carrying out
unauthorised work to a listed building is
either an unlimited ne or up to six months
imprisonment (or both) in a magistrate’s
court or an unlimited ne or up to two years
imprisonment (or both) in a Crown Court.
Drawing on in-house knowledge and
experience, and working with the right
solicitors, we instead seek to address the risks
and guide scheme members.
The two critical junctures are the point at
which a property is purchased by a SIPP or
SSAS and any point at which alterations are to
be carried out.
Can SIPPs and SSASs buy listed buildings? 2
Please contact your Barnett Waddingham consultant if you would like to discuss any of the above topics in
more detail. Alternatively get in touch via the following:
[email protected] 0333 11 11 222
www.barnett-waddingham.co.uk
Barnett Waddingham LLP is a body corporate with members to whom we refer as “partners”. A list of members can be inspected at the registered oce. Barnett
Waddingham LLP (OC307678), BW SIPP LLP (OC322417), and Barnett Waddingham Actuaries and Consultants Limited (06498431) are registered in England and Wales
with their registered oce at 2 London Wall Place, London, EC2Y 5AU. Barnett Waddingham LLP is authorised and regulated by the Financial Conduct Authority and is
licensed by the Institute and Faculty of Actuaries for a range of investment business activities. BW SIPP LLP is authorised and regulated by the Financial Conduct Authority.
Barnett Waddingham Actuaries and Consultants Limited is licensed by the Institute and Faculty of Actuaries in respect of a range of investment business activities.
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In brief, our procedures at purchase include:
• a check against the online listed building registers;
•
where appropriate, a Listed Building Survey from
an appropriately qualied/experienced RICS
surveyor, identifying critical information;
•
written conrmation from the vendor that no
unauthorised works have been carried out;
•
where appropriate, consultation with the Local
Planning Authority; and
•
if these and other checks are satised, a legally
binding agreement with any co-owners/tenants
setting out what must happen before any
alterations to the property.
When doing alterations, it is crucial for the
owner to know whether the building is listed or
not so that the right steps are taken in advance
of anything happening. For listed buildings,
even something as seemingly innocuous as
decorating the property may require prior
consent from the local authority.
Whilst there are additional complications with
owning listed properties, these should not
on their own prevent them from being an
investment possibility for your self-invested
pension scheme.
