6% stamp duty on non-residential property holding companies and vehicles
The latest tax proposal is to try to impose stamp duty on non-residential property holding companies and other vehicles at a rate of 6% instead of the current 1% rate.
Following the Government announcement to raise stamp duty to 6% on non-residential property on 11 October 2017 persons have been looking at other tax efficient ways to transfer property.
One option is to purchase the property outright (6% stamp duty applies) and another option is to purchase the vehicle that owns the property. If the shares in a company that owns property is acquired then staamp duty applies at the rate of 1% until 6 December 2017.
The current proposal is to increase the stamp duty to 6% in limited circumstances (so that non-residential property is only affected) .
Further details are awaited.
To discuss your taxation options please contact Michelle
The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article
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