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Michael has worked as a UK corporate tax lawyer for over twenty years (initially, at Allen & Overy, then Berwin Leighton Paisner/Bryan Cave Leighton Paisner and, since July 2019, Keystone Law. His tax practice is a broad mix of mainstream corporate (including M&A), real estate (including SDLT, VAT, capital allowances and construction industry scheme) and employment (including the taxation of termination payments and employee share options, including EMI and CSOPs). He has had, in particular, extensive experience in large scale real estate tax structuring, advising on the tax implications of high value deals for leading real estate-backed businesses and utilities.
A lease was granted under the stamp duty land tax (SDLT) regime for a term of ten years, but the term commencement date is six months earlier than the date of the lease. That lease expired and the tenant held over for one year and now needs to calculate the additional SDLT on the growing lease. For the purposes of calculating SDLT, is the original term treated as a ten-year or a nine and a half-year term?
In SDLTM09740, HMRC states that multiple dwellings relief and the 3% surcharge applies to a mixed use purchase where the non-residential part is negligible or artificially contrived. How does this affect the calculation of stamp duty land tax on both the residential and non-residential elements of the transaction and is there any advantage of adding a small non-residential property to a transaction?
Is it possible to claim a refund where the higher 3% rates of stamp duty land tax are charged to a bare trust purchasing a property for a child beneficiary because the child's parents have not yet sold their previous main house but plan to sell within three years? Provided all other conditions are satisfied and the parents plan to use the new property bought by the trust as their main residence, will the parents be seen as the purchasers for the purposes of condition D as well as condition C so that a refund can be sought?
When a council buys back a leasehold property and the leasehold title will merge into the freehold interest, should Code A or F be selected in the description of transaction?
Selwyn College, Cambridge (History – 2:1)
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