Will Langmead on commercial land and SDLT

6th May 2022

When considering stamp duty, things aren’t always as straightforward as one might think. A vast proportion of house buyers end up overspending when it comes to paying the right amount on your purchase. 

A number of factors come into play when approaching this: if you are a first-time buyer, and within a certain bracket, you pay 5%. Additionally, if the space has a mixed-use or a commercial element, the buyer’s stamp duty costs should be limited to 5%.

This is especially relevant when considering farmland or forests. Will Langmead, Landed Estates and Farms, speaks on the matter: “Every case is different but there needs to be commerciality in place at completion, definitely a written contract and money changing hands.”

"[When it comes to land], it’s not as clear cut as the amount of land there is but what is going on with it. You can have 50-100 acres of farmland that qualifies and 200 acres of land that is more tenuous and doesn’t."

Many vendors look specifically for commercial land because of the tax benefits. "There is a point with the flip in SDLT when the land pays for itself," Will adds. "But you need a good solicitor on your side."

Read the full article here

Categories: In the press

 

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