stamp duty

Didn't find your answer?

If you are buying a commercial property for £500,000 plus VAT of £100,000

Is the stamp duty on the £500,000 or on the £600,000

I cannot seem to find the HMRC information on this.

Thanks

Replies (8)

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By Ruddles
23rd Feb 2024 22:07

£600,000

FA 2003 Sch 4 Para 2

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Replying to Ruddles:
braken
By sarahJR
23rd Feb 2024 22:29

Thanks, that is what I thought, but I couldn't find the concrete info, I will have a read of what you have noted.

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Replying to Ruddles:
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By sarahJR
23rd Feb 2024 22:32

I did see that it does say in brackets unless there is an option to tax any land, but i assume this is only related to land and not to the premises.

Thanks in advance

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Replying to sarahJR:
By Ruddles
23rd Feb 2024 22:38

“Land” includes buildings

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Replying to sarahJR:
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By Tax Dragon
25th Feb 2024 06:26

sarahJR wrote:

I did see that it does say in brackets unless there is an option to tax any land...

...made after the effective date of the transaction.

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By fawltybasil2575
24th Feb 2024 11:09

@ sarahJR (OP).

As ever, Ruddles imparts accurate and succinct responses to your questions. You are not, by a long way, the first to believe that “Land” is restricted to the land on which premises are built.

For a definition of “Land” see Schedule 1 to the Interpretation Act 1978, here:-

Interpretation Act 1978 (legislation.gov.uk)

" Land " includes buildings and other structures, land covered with water, and any estate, interest, easement, servitude or right in or over land.

Basil.

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Replying to fawltybasil2575:
By Ruddles
24th Feb 2024 11:46

fawltybasil2575 wrote:

For a definition of “Land” see Schedule 1 to the Interpretation Act 1978


Or, specifically, FA 2003 s121
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Replying to Ruddles:
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By fawltybasil2575
24th Feb 2024 12:00

Yes indeed - even better (for SDLT matters, as in the OP's case).

Basil.

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