XPS Self Invested Pensions is to waive its property purchase fee for property purchases for new SIPP and SSAS clients.

The fee waiver only applies to advised clients who are buying a commercial property or eligible land from their company, themselves, or someone connected to them. It does not apply to third-party purchases or in specie transfers.

To receive the fee waiver, purchases must complete by 1 April 2022.

The move is designed to help advised SIPP and SSAS clients generate funds back into their business and improve cashflow to recover from the impacts of the Coronavirus pandemic.

The fee is usually between £890 and £965 plus VAT and the offer will run until 30 September.

Andy Bowsher, director of self invested pensions at XPS, said: “The financial and commercial impacts of Covid-19 have been severe for many SME businesses. As the country emerges tentatively from lockdown and the various government supports are withdrawn, many businesses will be looking at opportunities to raise cash as they literally fight for survival.

“Selling their commercial premises to their pension scheme can provide a vital bridge, while also delivering an excellent and tax efficient investment to their pension. We want to support these clients by waiving our property purchase fee, which can save them in the region of £1000.”