Tax | Real Estate
Property transactions will invariably have tax implications. Most obviously, it will be necessary to consider the stamp duty land tax position and whether any reliefs are available. It will often be necessary to consider other taxes, including VAT, capital allowances, annual tax on enveloped dwellings and direct taxes such as corporation tax and capital gains tax.
We regularly advise clients on the application and, where appropriate, the interaction of the above taxes in respect of property transactions and structures, and are used to working with and assisting other professional advisers, including accountants and other firms of solicitors, to understand the relevant tax issues and to ensure that the relevant documentation is appropriately drafted on transactions and structures on which they are instructed.
Marc Selby, who heads our Tax group, is an acknowledged expert on all aspects of property taxation. He is a Chartered Tax Adviser, a Council member of the Stamp Taxes Practitioners Group and a member of the VAT Practitioners Group. Marc's advice is regularly sought on a consultancy basis by other professional advisers, including solicitors and accountants, on property tax issues. Marc also regularly contributes articles on property taxation to professional journals.
We have advised on the following:
- advising a Guernsey-based student accommodation fund on the capital allowances, stamp duty land tax and VAT aspects of its disposal of its investment portfolio for consideration exceeding £400 million, including working with the fund’s solicitors, accountants and financial advisers in negotiating and agreeing the tax provisions of the sale agreement
- advising an English limited partnership fund on the stamp duty land tax and VAT aspects in connection with the disposal of a commercial property investment to a substantial pension fund for consideration of £135 million, including working with the purchaser’s advisers in preparing joint instructions to leading tax counsel
- advising on the de‑enveloping of high value residential properties