second-home in new style SIPP

I'd appreciate any thoughts and comments about the technical and philosophical aspects of the following idea.

I've a second home that currently has no mortage and a CGT exposure when I sell. What I have in mind is to sell it to a "new style" SIPP for a low'ish price and pay some CGT. This will reduce some CGT and acquire a property asset for a good value price for my SIPP. The price will increase in value and will not attract any tax when it's sold within the SIPP wrapper. I'm planning to rent the house to myself at the full market rate. Wouldn't the payments I make to the SIPP for rental, be in effect the same as a pension contribution (without the tax allowance) ie all payments roll up in the fund as contributions and can be used towards new assets?

Whats good and bad about this idea?

Can you actually do this. Will the transfer not be deemed to take place at actual value (or did you just mean the lower of the Estate Agents values rather than the higher?)

Will the transfer of the house be a single contribution or does the SIPP have the funds to purchase the house. If you intended neither, then I don't think that that you can 'loan' the property to the SIPP and pay for it in instalments later. ISTR that you can put in a mortgaged property provided that the mortgage is less than a quite small percentage of the value, but you'll need to set it up as a documented morgage. I'm sure someone here knows, perhaps they will tell us.

There is no CGT to pay because the money cannot leave the SIPP wrapper. It has to remain in the SIPP and can only be invested in allowed devices or if you are old enough, withdrawn as a taxable pension (via draw-down or annunity purchase).

Why? Does this really help?

I can't see why they would. You could rent the property out to ANOther for the same income. WRT the SIPP you are just any old ANOther, why should you get a tax break that other renters don't get?

Are you using this money to pay off the purchase price? As above, is this allowed?

If you already have the money in the SIPP with which to purchase the property, it's as good a way as any of investing the money (it's nominally your money, your risk, you decide).

If you don't (already have the money) then I think that you are taking a too simplistic view of how it works.

tim