land taxes

Creating value these days is very hard and any possible, yet often unexplored, way of finding savings is very welcome to property owners and occupiers.  Careful planning of land taxes is one way of achieving savings.

The biggest issue for property owners or tenants is typically Stamp Duty Land Tax (SDLT).  Inevitably, unless the transaction is of a small value, SDLT will be payable to HMRC.  Since its introduction the SDLT rules have been changed at almost every budget.  There is huge scope for costly mistakes and coming within the scope of the numerous anti-avoidance measures.  On the other hand a carefully planned purchase or lease maximising exemptions and reliefs can lower a tax bill or cancel it completely.

Other property tax issues are also significant, yet frequently overlooked.  The ability to claim capital allowances is one such example.  A well advised owner or tenant can claim 100% tax reliefs on qualifying Plant and Machinery and 150% relief on cleaning up contaminated sites and buildings, including asbestos removal.

Our Land Taxes Unit can, either separately or in conjunction with clients’ own accountants, advise on certain property taxation issues.