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  • Stamp Duty Land Tax

    27 January 2020

    Andy Wood

    Stamp Duty Land Tax applies to most acquisitions of land and buildings, but every transaction is unique.

    The SDLT legislation is complex and constantly changing. Without specialist tax knowledge things can be missed or mistakes can be made, which may result in your clients paying the wrong amount of SDLT.

    As a result, regulatory bodies and, in particular, The Law Society, have recommended that solicitors obtain specialist SDLT advice.

    How can we help?

    • Risk Management – Reviewing completed transactions and rectifying any underpayments or overpayments of SDLT.
    • Certainty – Providing a written opinion on individual transactions as they occur.
    • Optimisation – Identifying legal and acceptable planning which may help your clients save SDLT.
    • Assurance – Having an experienced and trusted adviser on call to deal with HMRC enquiries and investigations.

    When should you seek specialist SDLT advice?

    We would recommend seeking advice from a tax specialist for all complex or high value transactions. However, some particular areas of difficulty include transactions which involve:

    • Partnerships;
    • Trustees and bare trusts;
    • Property developers and traders;
    • Alternative consideration, such as rent or an annuity;
    • Alternative Finance Arrangements such as Shari’ah compliant financing;
    • Successive conveyances and sub-sales;

    In particular, areas which commonly result in overpayments of SDLT include transactions involving:

    • Property which is developed and/or ‘flipped’;
    • Derelict property;
    • Residential property incorporating outbuildings, woodlands, stables, annexes or commercial use;
    • Acquisitions of multiple dwellings.