Stamp Duty Land Tax
Are you buying residential or commercial property, or advising clients who are making property transactions?
The complexity of the law means many questions need to be asked to clarify the right tax treatment. Property buyers need to take advice on how these rules can affect their costs at an early stage in the buying process.
There are three sets of Stamp Duty Land Tax (SDLT) rates, up to a maximum of 15% on the purchase price. The tax can be payable even if no cash consideration is given for a transfer. This is a significant transaction cost of any property acquisition.
Buying properties that are “enveloped” inside a corporate structure requires extra care, as reliefs claimed previously can be withdrawn if new owners change the use of properties.
We use our expertise to work with you, identify ways to reduce tax costs for purchasers if possible, and file returns.
Filing Stamp Duty Land Tax returns
Filing SDLT returns online and assisting with compliance.
Helping with refunds where replacement residence rules are in point.
Linked Purchases Rules
Identifying whether linked purchases rules apply.
Advising what rates of SDLT are applicable.
Identifying Mixed Use
Identifying transactions qualifying for multiple dwellings or mixed use reliefs where appropriate.
Company Property Purchase
Advising on additional factors involved when purchasing property inside a company.
Questions to ask about transactions
- Are you buying residential property or commercial property?
- Are you buying a new home before you have sold your old home?
- Are you buying a shop plus a flat upstairs?
- Is some of the purchase price conditional or deferred, or non cash?
- Are you buying with the help of “Bank of Mum and Dad”?
- If buying a property with your life partner – are you married?
- Is your spouse/life partner transferring a part interest in a property to you, and will both of you then be named on a mortgage?
- Is the property in Scotland or England or Wales?
- Is your acquisition connected to a Deed of Variation after someone has died?
- Are you giving land that you own personally (or via a partnership) to a company?
- Is a house with a Granny Flat included correctly described as two properties, or is it just one property?