Many individuals and most businesses lease or purchase property. These transactions can have a number of related tax consequences and the team is experienced in advising in relation to Stamp Duty Land Tax, VAT, the Construction Industry Scheme, Capital Allowances and Capital Gains Tax. In particular we have expertise in:
- Stamp Duty Land Tax (SDLT) - whether advising in respect of agricultural, commercial or residential property, our team has a great deal of experience advising in relation to the SDLT consequences of a proposed purchase, the reliefs available and specific rules that may relate to the transaction (such as rules relating to partnerships, land exchanges or leases).
- Value Added Tax (VAT) – we regularly advise in relation to the transfer of a going concern (TOGC) rules, options to tax, the capital goods scheme and the VAT consequences of a landlord contributing to tenant’s works.
- Annual Tax on Enveloped Dwellings (ATED) – the team is well placed to advise on the ATED charges applying to high value residential properties owned by companies and other non-natural persons.
- Strategic Land Development – when selling land for development, it is important to consider the potential tax issues that may arise. For example, it is important to take advice on equalisation strategies, the receipt of overage payments and the anti-avoidance rules imposing Income Tax rather than Capital Gains Tax).
- Overpayment of SDLT – we have successfully claimed relatively substantial repayments of SDLT for clients who initially overpaid due to the original advisers either failing to claim a relief or applying the wrong rate of SDLT.