Nine Residential Items Planned For Former Garden Terrance Parking Lot; Totally Different Developer Plans To Redevelop Adjoining Banquet Hall Web Site
Where the property transferred doesn’t consist entirely of an curiosity in residential property then the non-residential property LTT charges and bands apply to that transaction. The WRA would count on the tax treatment to match the treatment that may apply had a single registered title masking the same property and land been the topic of the transaction. Therefore one wouldn’t count on a tax benefit to arise from dividing a property and its land into separate titles if those titles kind part of a single transaction or collection of linked transactions. In most circumstances the transaction will include a single registered title for the property and land.
This is unlikely to be viewed as a business undertaking and is prone to make the land residential. As stated, typically, land hooked up to a dwelling might be treated as garden or grounds. The main exception to this is farmland, which is … Read More