A residential property development company (Devco) has instructed me a partner in a law firm to advise on the SDLT position in respect of its proposed purchase of a freehold development site in one of the home counties in England and to consider whether steps could be taken to mitigate its SDLT charge on the transaction. The site which the client is proposing to purchase for £5m (on which VAT will not be charged) comprises a dilapidated house which has been empty for over a year with an adjoining field of over two acres. The client is purchasing the site with the benefit of planning permission which authorises the demolition of the house and the construction of three new blocks of flats.
All statutory references in this article are to the FA 2003...
