SIPP Connected Party Transaction
Posted: January 14th, 2020, 3:25 pm
About ten years ago I bought some Mapeley shares for my SIPP. Some months later the company delisted and the shares have remained in my SIPP since then.
I'm 72 years old and have been diagnosed with an incurable cancer, so I would like to tidy up all my financial affairs while I still have time to do so.
My intention is to leave the SIPP for my wife initially and for her to leave it to our two sons when she passes away.
Mapeley Limited is still operating as a going concern and according to my calculations, obtained from figures in the 2018 Report and Accounts, has a NAV of £3.67. However, as far as I am aware, there is no market for the shares and so if any of my SIPP beneficiaries want to sell them, transfer them to another SIPP provider, or otherwise deal with them, then they might run into some problems.
In order to avoid any future problems I'm in the process of buying the Mapeley shares from my own SIPP and either take physical delivery or transfer them into my taxable share dealing account with the same company that handles my SIPP dealing. This is known as a connected party transaction.
Has anyone on this board gone through a connected party transaction to remove shares from a SIPP?
I'm 72 years old and have been diagnosed with an incurable cancer, so I would like to tidy up all my financial affairs while I still have time to do so.
My intention is to leave the SIPP for my wife initially and for her to leave it to our two sons when she passes away.
Mapeley Limited is still operating as a going concern and according to my calculations, obtained from figures in the 2018 Report and Accounts, has a NAV of £3.67. However, as far as I am aware, there is no market for the shares and so if any of my SIPP beneficiaries want to sell them, transfer them to another SIPP provider, or otherwise deal with them, then they might run into some problems.
In order to avoid any future problems I'm in the process of buying the Mapeley shares from my own SIPP and either take physical delivery or transfer them into my taxable share dealing account with the same company that handles my SIPP dealing. This is known as a connected party transaction.
Has anyone on this board gone through a connected party transaction to remove shares from a SIPP?