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Recommendation property/land specialist tax plan

Recommendation property/land specialist tax plan

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Hi all,

I'm looking for someone to give me a fresh opinion/perspective on a land/property setup and tax planning strategy. It is based in Wales so knowledge of the Welsh difference would help (Land Transaction Tax not SDLT) etc. Fixed fee would be good, not asking them to file anything or process anything just a written plan of the best path forward in their opinion. Property specialist preferred.

Many Thanks. 

 

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By paulb
30th Jun 2020 13:13

Anyone**??

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Hallerud at Easter
By DJKL
30th Jun 2020 13:21

To be fair you did narrow it with need for specialist in Welsh SDLT plus property specialist.

You may get a better response if you add some meat on the bone by giving us a rough idea what client is trying to achieve with proposed planning, it surely must have an aim?

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By paulb
30th Jun 2020 16:56

Yes, that's probably a good call - I did narrow it down. I didn't mean the Welsh language just the suttle difference in rules. It centers around purchases of development land and selling it on. My understanding that if purchased by an individual then while they would pay CGT on disposal they would then have the monies essentially for unrestricted use and unlike a Company purchase and disposal they be subject to CT and further Divi' tax on drawdowns from the company.

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Replying to paulb:
Hallerud at Easter
By DJKL
30th Jun 2020 17:31

If they are buying it to sell then not sure CGT will be that on point, IT may be the tax to consider which is generally a lot more expensive though does generally allow more relievable costs

If there is nothing too fancy in their ambitions beyond keeping as much of the profit as possible then not sure you need to climb to exalted levels of advice, a decent smaller firm may well be able to assist.

I would get a realistic desktop appraisal prepared indicating all costs and likely outcomes, also consider end disposal route (to individuals or as a whole), planning fees/costs/ other services and any other activities like say groundworks or sec 106 planning costs (Are they sec 106 in Wales, up her in Scotland sec 75).

Once you have a realistic model you can get someone to look it over /model a solution. Once you have a draft solution do check cashflows as lots of plans become unstuck as say tax gets triggered before cash actually realised for assets.

Good luck.

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