One company - two flats - two leaseholders who are the shareholders - 66% and 33%.
Leases have 80 or so years to run. Indviduals want leases extended.
Solicitor is warning of possible SDLT liability.
Is SDLT payable?
Replies (13)
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"Could be chargeable"?
He doesn't know.
What are his doubts? What information does he need to make up his mind?
If the company isn't paid MV for the lease extensions then that will be a distribution potentially and subject to IT on the members and assuming MV is paid then (ignoring CT) SDLT potentially applies accordingly - although there is potential planning re this.
Are you saying that the company is the freeholder? How did the company come by the freehold?
How did the company come to buy the freehold? Did it arise under the collective enfranchisement provisions?...