SDLT is a self-assessed tax on taxpayers not a duty on documents. Clients need to be asked important questions before you can complete a return. Completing a return based just on the information on the transfer could result in your underwriting any claim for extra tax from HMRC - and claims can be made up to 21 years later.
This course uses worked examples and flowcharts and focuses on commercial leases issues including agreements for lease, 'substantial performance', surrenders and regrants, rent deposits, holding over and periodic leases.
Other topics to be covered include:
- What is the meaning of 'residential property', and when can you assess commercial property as residential and use the lower rates of tax?
- The new rules on linked transactions and multiple dwellings relief
• Linked transactions and connected parties as regards company and commercial property transactions - the sting in the tail of the rate reductions
-How to prevent further tax claims - voluntary disclosures
• Consideration affecting fixtures, goodwill
• Substantial performance and development agreements
• Conditional contracts and options
• Sub sales – the new rules - when to worry about tax fraud
• Overage - Deferred and contingent or uncertain consideration
Delegates will be encouraged to interact and solve example problem situations involving some of the above issues.
This course will overlap in some issues with SDLT Walkthrough and Workshop for Residential Property Lawyers but will look at the common issues in more detail as well as the topics outlined above.