A chance to reclaim some overpaid tax
Have you bought an investment property in the last four years? Was the transaction effected by the grant of a long lease for a premium? If the answer to the above questions is ‘yes’, you may well be able to reclaim some tax.
Until the outcome of a tax case last year, HM Revenue and Customs (HMRC) had taken the view that transfer of a business as a going concern (TOGC) treatment was not available on a sale of a let property which was effected by way of the grant of a long lease at a nominal rent (often with the result that VAT had to be paid on the sale). Where VAT was payable on the sale, Stamp Duty Land Tax (SDLT) also had to be paid on the VAT element of the price…
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