One of my clients is buying an expensive residential property, well in excess of £10,000,000 through a compay. On the face of it a SDLT of 15% is payable. However, this property will be let commercially and there will be a "Genuine Letting" operations carried out. Howeve, how can I convince HMR&C of this and avoid paying the increased rate of 15% rather the normal rate of 7% ?
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Put code 35 in box 9 of the SDLT1. The solicitor should sort this out for you. You may be able to avoid the 7% rate with planning from an SDLT specialist.
Remember ATED
Also remember you will need to do an annual return for this under the ATED rules
NB
The first ATED return is needed within 30 days of purchase. (The annual ATED return is also needed by the following 30th April.)