Bewley
In Bewley v HMRC (2019) the First-tier Tax Tribunal (“FTT”) ruled that a bungalow and a plot of land (with planning permission (“PP”) for demolition of existing dwelling and replacement with new dwelling) was not suitable for use as a residential dwelling at the effective date of the transaction thus, the higher 3% rates of Stamp Duty Land Tax (“SDLT”) did not apply.
Bewley argued that the property was not a dwelling as the property.
However, the FTT agreed with HMRC that When a building was originally built as a dwelling, if it is not suitable for use as a dwelling at the effective date of the transaction the residential rates (including the higher 3% rates of SDLT) cannot apply.
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Indemnification
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De-risk your business from future claims
Protect your self from financial and reputational damage
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Mitigate Risk
with Compass
The complexity of UK Land Tax and the potential for miscalculations can expose your firm to significant risk. Compass is not just a calculation tool but also a risk mitigation solution designed to protect you and your clients.
Automated Indemnification for Peace of Mind
With Compass, we automatically indemnify your matters, offering protection even for complex or overlooked factors. Our system provides dynamic feedback on each matter, breaking down complexities into easy-to-understand language. You can rely on our comprehensive certification document, which includes a breakdown of our assessment, calculation, and history of answers.
Complimentary SDLT1 Submission Service
Worried about entering information correctly into the SDLT1 submission? With Compass, you can eliminate that concern. Our complimentary submission service takes care of entering the relevant information into the appropriate boxes, further reducing the risk of errors.
The service also requires purchasers’ sign-off, providing an additional layer of protection and empowerment for you and your firm.
Protect your firm and clients, enhance efficiency, and mitigate risks with Compass. Experience the power of our comprehensive solution today and revolutionise your approach to UK Land Tax calculations and compliance.
Empowerment Through Transparency
Compass empowers both you and your clients by providing a clear breakdown of the tax assessment process. Your clients will appreciate the transparency and understanding of their tax obligations, enhancing their trust in your firm.
Save Time and Increase Efficiency
We understand the importance of time-saving measures in the conveyancing process. Compass offers a client portal that allows purchasers to enter information directly, reducing the burden on conveyancers. The information can then be verified by solicitors, serving as a “last line of defense” to ensure accuracy.
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Reduce PI claims
with Compass.
When professionals consistently demonstrate precision and reliability in their property tax calculations, they inherently reduce the risk of claims being made against them for errors, omissions, or negligent advice. Insurance companies recognise this reduced risk profile and often reflect it in the form of lower PI premiums.
In essence, meticulous attention to detail in property tax calculations can lead to a dual benefit: safeguarding one’s professional reputation while simultaneously achieving financial savings through reduced insurance costs.
Davisons reduced their annual PI claim by a HUGE 30%
Time to get started with the future of property tax.
