Solicitors and property business incorporation

How to get a solicitor to help my clients incorporate their property partnership?

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My clients have a property partnership that they wish to incorporate. We have reviewed the position re stamp duty exemption and are happy it will qualify. They have approached a few solicitors to do the legal documentation for the incorporation and all are saying that once the legal title changes they will need to pay the stamp duty. They can put a deed of trust in place for now but will need to formally change the legal ownership to remortgage in a year or two and all solicitors they have spoken to say they will need to pay stamp duty at this point.

Are there solicitors that specialise in property partnership incorporations? Or is there something we can do to make them understand that there is a stamp duty exemption?

Replies (6)

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By Tax Dragon
14th Mar 2024 10:46

Is it too obvious to say that you could share the provisions you are looking at with the solicitors?

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Replying to Tax Dragon:
By christine.nye
14th Mar 2024 13:07

Thank you, yes we have done so but the ones we have spoke to are still saying they would require SDLT to be paid

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Replying to christine.nye:
By Justin Bryant
14th Mar 2024 13:41

Yes; that's coz they're thick. Try someone non-thick, like this bloke:

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By Postingcomments
14th Mar 2024 11:14

Solicitors don't understand tax. Not even SDLT. Once SDLT started to become more than sticking the price into an online calculator, it has been going way over their heads.

My tax advice on such matters has a section on SDLT that explains the rules that apply and how to notify HMRC that you have applied the Sch15 "partnership rules". Makes it clear to everyone.

If you've given the advice, you can tell the tale to the solicitor. Can't you?

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By Justin Bryant
14th Mar 2024 11:16

You can basically blame HMRC for getting rid of the perfectly good and adequate SDLT 60 form.

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paddle steamer
14th Mar 2024 14:53

Okay, no idea if any use to you, but we are doing one right now as part of a larger overall transaction . The solicitors we are using (in Scotland) are Morton, Fraser, MacRoberts, who have signed off on the LBTT parts, and are preparing all the paperwork ,the accountants who have devised the plans and got the clearances needed for some steps are Johnston Carmichael. Neither are cheap, corporate solicitors never are, but in complex transactions I want good not cheap, so think of a fee package with minimum 5 digits and likely a few five digits at that.

Irrespective of firm you choose if you go the larger firms they will have the expertise, Dentons et al thrive on this stuff.

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