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I have a buy to let house worth about 355000 purchased in…

Hi. I have a buy...
Hi. I have a buy to let house worth about 355000 purchased in 2006 for 312000. I am splitting title into 4 leasehold flats under a ltd co umbrella . The building work was done over 10 years ago but now I have planning to regularise . ( removal of condition of use / certificate of lawful use) . The new flats will have approximaye value of 100k , 105k , 110k ,
140k . Plus small communal freehold area . I would like to know if this will be classed as a new build and what stamp duty / capital gains tax I will be liable for and how to minimise . Thank you
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Answered in 5 days by:
12/5/2017
Mr Jardine
Mr Jardine, Solicitor
Category: UK Property Law
Satisfied Customers: 158
Experience: LLB Hons
Verified
Stamp duty is normally paid by the buyer, not the seller. Re CGT, this depends on if your a higher or lower rate tax payer. Www.gov.uk website has some good guidance on this and you can calculate your CGT by using the online calculator from there.
Mr Jardine
Mr Jardine, Solicitor
Category: UK Property Law
Satisfied Customers: 158
Experience: LLB Hons
Verified
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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