The lowdown on Stamp Duty
Your guide to paying Stamp Duty during an office relocation
If you are purchasing or leasing an office you will need to pay Stamp Duty on your property. Those buying or leasing commercial property will need to pay Stamp Duty Land Tax (SDLT) on their purchase which was brought into force in its current form in 2003.
Your property solicitor will be able to work out on your behalf how much Stamp Duty Land Tax you are liable to pay on your new work space. Paying Stamp Duty is an important part of your office moving schedule and you should account for it in your moving office budget. Should you fail to pay the adequate amount you may need to pay a fee at a later date along with interest, so it will save you time and money in the long run to calculate everything properly before your move takes place. Generally, rates are charged as a percentage of the property’s value and are affected by a range of factors including specified exemptions and whether it is leasehold or freehold.
Exemptions are available if the property to be transferred is going between companies in the same group and if your business meets the conditions of charity status. Your property solicitor will be able to discuss any queries you have regarding any applicable taxes and fees on your new office property so that you can move safe in the knowledge that you’ve got your taxes taken care of.
