Multiple Dwellings Relief, habitability and planning permissions are just three factors that could see your Stamp Duty bill be significantly reduced, as long as you have an expert on the case.
Nobody gets into property development because it’s easy. Identifying suitable projects, wading through oceans of red tape, and funding the opportunities you find mean it’s not a profession for the faint-hearted.
Stamp Duty Land Tax might seem like another part of that grind, but in actual fact approached the right way it can represent a significant opportunity for you and your portfolio.
You’ve probably heard the term Multiple Dwellings Relief, also known as MDR – designed to save SDLT on purchases of multiple titles in the same transaction.
But what about when you buy a property for renovation and development and it’s not habitable? What if you buy a property with a mixture of commercial and residential elements?
These reliefs, and many others, are tailored to particular situations and circumstances that would be thought of as outside the ‘vanilla’ kind of property purchase. Many are directly applicable to developers.
Even on a smaller project, you could be looking at tens or even hundreds of thousands of pounds being overpaid in tax if you get it wrong.
For larger projects, we have dealt with clients who have historically overpaid their Stamp Duty by sums exceeding seven figures! Money that could be being put to better, more efficient, use in your business.
Proper, expert analysis of your Stamp Duty liability can open whole new horizons of possibility for your business; what could you do with more working capital for each new project that you undertake?
Whether it’s a historical purchase which might merit a reclaim, or a current project you could stand to save on, why not call us today and find out?
Investing in property for your retirement?Contact our specialist team of chartered tax advisers.