Welcome to Mackendrick Norcott Property
We are a hub for everything regarding property in Bristol and the surrounding areas.
We can advise on local, independent Residential Lettings and Property Management agents.
As specialists we are fully focused on the priorities and needs of Landlords and Tenants.
We offer advice about the following:
- Tenant find/letting service
- Tenant and landlord insurances
- Property maintenance
- Buy to let bridging loans in both the residential and commercial sectors
Details of some local properties may be found on this website, together with an outline of services provided.
Purchasing a commercial property
If you would like to make a commercial purchase then you will be able to borrow up to 50% of the value of the fund. If your fund is worth £200,000 you can borrow an additional £100,000 to enable you to buy a commercial property worth £300,000.
When you eventually decide that you wish to sell the property you will find that there is no capital gains tax to pay and no income tax on the rental payment.
One of the biggest areas open to investment for those with a SIPP is the purchase of property. A SIPP allows you to own retail or commercial property and you can direct this rental income into your own pension fund if you so wish. Any rent that you earn from a property that is held in a SIPP will accrue tax free and you will not have to pay capital gains tax on profits made from UK property sales providing it is in the SIPP.
Capital Gains tax
Capital gains tax is referred to as the tax on the profit you make when you sell or dispose of an asset; it is based on the gain you make, not that amount of money that is received.
Most assets are liable for capital gains tax both in the UK and overseas. Some assets exempt from capital gains tax include your car, personal possessions disposed of for £6,000 or less and your main home. An annual exempt amount is set each year which allows you to make a certain amount of yearly gains before any tax is charged. For 200/10 the annual exempt amount is £10,100.
How Much Do You Pay?
One of the major advantages of a using a sipp is that any income you generate is tax free. Therefore no capital gains tax would be charged if a commercial property was sold within a sipp.
Using a sipp to buy a commercial property is one of the most attractive qualities of a sipp, for independent advice from one of our partnered advisors on buying commercial property contact us.
Due to the complexities of such an investment it is vital that any potential investors obtain bespoke advice before trying to proceed.
Please register for regular updates.
If we can be of assistance in any way please do not hesitate to contact us.