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Solicitor4All
Solicitor4All, Solicitor
Category: Property Law
Satisfied Customers: 7546
Experience:  Director and Principal Solicitor. UK
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We are professional landlords and are buying a block of

Customer Question

We are professional landlords and are buying a block of tenanted flats as part of our business will we qualify for commercial rate of CGT at 1%
JA: Where are you? It matters because laws vary by location.
Customer: england
JA: What steps have you taken so far?
Customer: We are purchasing the block
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: We are a limited company and actively trading
Submitted: 9 days ago.
Category: Property Law
Expert:  Solicitor4All replied 9 days ago.

Hello! I am Solicitor4All, a law expert with over 15years practice. Thank you for the inquiry. It is my pleasure to assist you today.

Expert:  Solicitor4All replied 9 days ago.
Thank you for the brief, Please leave the matter with me for now, I will respond once done rest assured today. Thank you

Customer: replied 9 days ago.
Great, look forward to hearing from you
Customer: replied 9 days ago.
Hello I should have said SDLT rather than CGT as we are buying them and want to ascertain if we can get the 1% commercial SDLT rate, thanks
Expert:  Solicitor4All replied 9 days ago.

Thank you  for your patience. The SDLT of 1% that you are referring to is applicable if you are taking out a lease but you are buying the block of flats for business purposes therefore the rates applicable would be 2% for the cost equivalent to the lease value that you would have seen for 1% and the maximum would be 5%.

Expert:  Solicitor4All replied 9 days ago.

Any follow up please do not hesitate to send your message. Always glad to assist and to clarify anything. All the best.

Customer: replied 8 days ago.
Thanks for the reply. How do I calculate the lease element and rates of SDLT on a purchase of 1.65M? It is 14 seperate properties in a block in a single purchaseThanksMike
Expert:  Solicitor4All replied 8 days ago.

Thank you for your message. If you hear with me I am mobile to work, once in I will respond properly.