Simply put, Stamp Duty is payable when you buy shares and Stamp Duty Land Tax (SDLT) is payable when you purchase land or building. Since introduction of the higher rates of SDLT on 1 April 2016, evaluating the stamp duty land tax exposure on purchase of a second home or an additional residential property has become a common exercise. At times when a significant SDLT exposure can be a deal breaker, we advise our clients on various SDLT matters.
Stamp Duty Land Tax (SDLT)
On the SDLT front, we advise our clients on how they can mitigate the additional SDLT. Some of the examples of our SDLT advisory include:
- SDLT on purchase of mixed use property to include residential property and commercial property, woodland or farmland
- SDLT on Linked Transactions
- SDLT on the sale of garden or grounds of a dwelling
- SDLT on buying out the other joint owner
- SDLT on exchanging land or building
- Recovery of SDLT on Replacement of Main Residence
In the above examples, it is important to establish; the use of the property, whether more than one parties are purchasing two separate parts of the property, connection between the parties, whether garden or grounds qualify as part of a dwelling or an agricultural land, has the main home been truly replaced within the specified time period and many other complicated and subjective factors.
As well as the private clients, we also help business clients with their SDLT requirements. We can help businesses with the SDLT reliefs where a transfer of land or building takes place within the group or as a result of a takeover or business reconstruction.
We also advise non UK resident clients on the SDLT exposure.
Although, SDLT is a complex tax and at times the solicitors involved in conveyancing are unable to help their clients, we at Spherical Accountants and Tax Advisers can help you with your SDLT matter.
Stamp Duty Relief on Shares
We help our business clients by advising them on the Stamp Duty matters. These include, help with stamping of the Stock Transfer Forms, Acquisition and Reconstruction Reliefs and HMRC clearances.
We encourage our clients to always seek professional advice. Our experts are happy to help you with your unique Stamp Duty and Stamp Duty Land Tax needs. Please feel free to call us on 020 7859 4047 or via email at info@sphericalaccountants.co.uk.
Alternative, click here to book a 15-minue FREE telephone consultation with our Tax Director.