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Author Topic: Stamp Duty - residential or business/mixed use?  (Read 3413 times)

Tudful Tamworths

  • Joined Aug 2009
    • Liz's website
Stamp Duty - residential or business/mixed use?
« on: September 24, 2015, 07:22:16 pm »
Hello Admin - please move if this is in the wrong place. I'm posting here because it's full of people who have recently bought smallholdings or are thinking of doing so.


I bought my smallholding as a residential property a long time ago, but now I've started looking at new properties, I see the Stamp Duty rules have changed. It now says 2% on the first £125K for residential properties and 1% on the entire amount for business/agricultural/mixed use on properties up to £250K.


What I'm wondering is, if you've bought your smallholding since the new rules came in, what was your property classed as, and how much did you pay?  Thanks for taking the time to read this.
www.lizshankland.com www.biggingerpigs.com
Author of the Haynes Pig Manual, Haynes Smallholding Manual, and the Haynes Sheep Manual. Three times winner of the Tamworth Champion of Champions. Teaching smallholding courses at Kate Humble's farm: www.humblebynature.com

Tudful Tamworths

  • Joined Aug 2009
    • Liz's website
Re: Stamp Duty - residential or business/mixed use?
« Reply #1 on: September 24, 2015, 07:23:52 pm »
Oh, and sorry I've not been around - too much going on in life, but will be making more of an effort again from now on!
www.lizshankland.com www.biggingerpigs.com
Author of the Haynes Pig Manual, Haynes Smallholding Manual, and the Haynes Sheep Manual. Three times winner of the Tamworth Champion of Champions. Teaching smallholding courses at Kate Humble's farm: www.humblebynature.com

mojocafa

  • Joined Sep 2012
  • Angus
Re: Stamp Duty - residential or business/mixed use?
« Reply #2 on: September 25, 2015, 06:13:05 am »
What a fab question, has intrigued me to do some googling.

I am in Scotland and found this helpful info which advises that you pay lbtt on land valued at over £150,000.  If you scroll down to end, it gives you comparisons from lbtt in Scotland and stamp duty elsewhere for non residential land


I don't think this answers you question but it's an interesting read,  :thinking:





http://www.brodies.com/sites/default/files/lbtt_2.pdf

« Last Edit: September 25, 2015, 06:23:13 am by mojocafa »
pygmy goats, gsd, border collie, scots dumpys, cochins, araucanas, shetland ducks and geese,  marrans, and pea fowl in a pear tree.

JackandJill

  • Joined Mar 2015
  • Aberareon, Ceredigion
Re: Stamp Duty - residential or business/mixed use?
« Reply #3 on: September 27, 2015, 01:38:12 pm »
Hi, just bought a smallholding in Wales, not used commercially for a long time and had been a pure residential property for over 20 years.  Therefore I was hoping that I would be under the new stamp duty rules.  However, the solicitor updated me that it was mixed use and the stamp duty would be under the old tiered system, so cost me a few extra £'s  :(

nikks14

  • Joined Aug 2015
Re: Stamp Duty - residential or business/mixed use?
« Reply #4 on: September 29, 2015, 03:01:10 pm »
We are just doing this with a farm house with 10 acers.  Our solicitor has investigatde and is happy to go with residential stamp duty as we are buying it as residential and it is not currently run as a business, and we will not be running as a business.  From HMRC it is a very grey area and depends who you talk to. Hope that helps

Tudful Tamworths

  • Joined Aug 2009
    • Liz's website
Re: Stamp Duty - residential or business/mixed use?
« Reply #5 on: November 15, 2015, 11:20:45 pm »
Thanks for the replies. Interesting to see different responses. My solicitor is of the same mind as yours, nikks14 - currently not used as a business, so he's saying residential.
www.lizshankland.com www.biggingerpigs.com
Author of the Haynes Pig Manual, Haynes Smallholding Manual, and the Haynes Sheep Manual. Three times winner of the Tamworth Champion of Champions. Teaching smallholding courses at Kate Humble's farm: www.humblebynature.com

 

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