Hi all,
im hoping someone can help,
we are looking to buy a house at £325,000, the house has an extra garden area attached to the original garden, this has an area of about 0.33 acres, building of new houses is happening in nearby fields but not yet the field surrounding the garden. Planning was given for houses in the surrounding fields but has since lapsed, but i guess its reasonable to assume that this will be developed at some point in the near future.
The garden was never part or subject to any planning application, but the vendor has said that they want to include an overage of 25% for 20 years on the extra garden area. this overage clause i don't believe has been drafted yet so the exact T's&C's are not known.
We have no intention of selling or developing the extra garden area, so do i pay stamp duty on the £325,000 or on the overage as well? even when the overage value is unknown? also what are the implications if i sell the house and land to another person that also does not want to develop or sell for development? are there any additional liabilities for me or the new homeowner?
is it a too complex issue and am i best to stay well away and buy a completely different property?
Many Thanks in advance for any advice offered
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch