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When buying a hotel in UK what taxes are payable on the contents

Resolved Question:

When buying a hotel in UK what taxes are payable on the contents and building?
Submitted: 10 months ago.
Category: UK Tax
Expert:  Sam replied 10 months ago.

Hi Just Answer Customer

 

My name is XXXXX XXXXX I 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.


Thanks


Sam

Customer: replied 10 months ago.

Thank you for that reply. Are there any other taxes other than VAT?

Expert:  Sam replied 10 months ago.

Hi Just Answer Customer

 

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

 

Thanks

 

The stamp duty charges are


Purchase price/lease premium or transfer value (non-residential or mixed
use)


SDLT rate


Up to £150,000 - annual rent is under £1,000


Zero


Up to £150,000 - annual rent is £1,000 or more


1%


Over £150,000 to £250,000


1%


Over £250,000 to £500,000


3%

Over £500,000


4%

 

 

Sam, Accountant
Category: UK Tax
Satisfied Customers: 12836
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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