Marc Selby (Laytons) answers a query on the SDLT position in respect of a property development company’s proposed purchase of a freehold development.
Question
A residential property development company (Devco) has instructed me a partner in a law firm to advise on the SDLT position in respect of its proposed purchase of a freehold development site in one of the home counties in England and to consider whether steps could be taken to mitigate its SDLT charge on the transaction. The site which the client is proposing to purchase for £5m (on which VAT will not be charged) comprises a dilapidated house which has been empty for over a year with an adjoining field of over two acres. The client is purchasing the site with the benefit of planning permission which authorises the demolition of the house and the construction of...
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Marc Selby (Laytons) answers a query on the SDLT position in respect of a property development company’s proposed purchase of a freehold development.
Question
A residential property development company (Devco) has instructed me a partner in a law firm to advise on the SDLT position in respect of its proposed purchase of a freehold development site in one of the home counties in England and to consider whether steps could be taken to mitigate its SDLT charge on the transaction. The site which the client is proposing to purchase for £5m (on which VAT will not be charged) comprises a dilapidated house which has been empty for over a year with an adjoining field of over two acres. The client is purchasing the site with the benefit of planning permission which authorises the demolition of the house and the construction of...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
