Whilst you would expect a purchasers solicitor to advise that stamp duty is payable upon not only the purchase price of a property but also the VAT element, a couple of purchasers have panicked at the last minute! Further we even had a purchaser a couple of years ago who had borrowed insufficient funds to cover the addition of VAT on the base purchase price from their bank and were accordingly unable to complete the purchase and lost their deposit. The moral is to use a reputable solicitor and bank who will point out these pitfalls before you start.

The rates for stamp duty on commercial prop...
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Whilst you would expect a purchasers solicitor to advise that stamp duty is payable upon not only the purchase price of a property but also the VAT element, a couple of purchasers have panicked at the last minute! Further we even had a purchaser a couple of years ago who had borrowed insufficient funds to cover the addition of VAT on the base purchase price from their bank and were accordingly unable to complete the purchase and lost their deposit. The moral is to use a reputable solicitor and bank who will point out these pitfalls before you start.

The rates for stamp duty on commercial property is payable as follows:

Zero £0 - £150,000
1% £150,001 to £250,000
3% £250,001 to £500,000
4% Over £500,000

For further information:
http://www.hmrc.gov.uk/so/rates/index.htm
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