Hi Just Answer Customer
My name is XXXXX XXXXX X am a UK tax expert here on Just Answer.
If the building (and subsequently the business) is registered for VAT, then you could find 20% VAT is due on the purchase price, but this would be advised to you by the vendor (or the agent acting for the vendor)
If there is no registered VAT (On either the business or the building) then there are no additional taxes to pay on this purchase.
Please do feel free to ask any follow questions on my response.
Thank you for that reply. Are there any other taxes other than VAT?
No - none at all on the purchase itself, but there are other costs such as stamp duty which is liable on the building purchase (and not the contents) and you will have legal fees (solicitor costs) for the conveyancing
The stamp duty charges are
Purchase price/lease premium or transfer value (non-residential or mixed use)
Up to £150,000 - annual rent is under £1,000
Up to £150,000 - annual rent is £1,000 or more
Over £150,000 to £250,000
Over £250,000 to £500,000