Mark Smith (Barrister-At-Law)

Registered with
Wednesday 27th November 2013

Latest Comments

Total Number of Property118 Comments: 232

Mark Smith (Barrister-At-Law)

9:54 AM, 19th June 2020
About 4 weeks ago

Deed of trust valid if stamp duty unpaid? Repercussions to trustee?

This is a complex matter and needs review based on the documents.

1. SDLT is payable by the buyer/acquirer of beneficial interest.
2. Failure to pay SDLT does not invalidate an acquisition of beneficial interest.
3. The tax position of each party cannot be established without a full review of the papers.... Read More

Mark Smith (Barrister-At-Law)

10:34 AM, 17th June 2020
About 4 weeks ago

Rent family home and move it into Ltd Company?

1. Tax. SDLT will be payable by the company on the market value of the property regardless of the actual consideration.
CGT would be payable, but you will most likely have the PPR relief available.
2. Mortgage lender will need to either give consent or rewrite the loan agreement.... Read More

Mark Smith (Barrister-At-Law)

9:06 AM, 28th May 2020
About 2 months ago

Does dog clause stack up legally?

This is a useful source of support HL.
Probably better to use email if their dog's attitude to the postman is anything like ours.... Read More

Mark Smith (Barrister-At-Law)

11:50 AM, 1st May 2020
About 2 months ago

SDLT and CGT regarding new build and title split?

1. There is no SDLT payable if there is a simple title split and the original owner remains the owner of both new titles-no disposal of any chargeable interest.
2. If you do go ahead with the two-company structure group relief from SDLT may be available.
Companies are members of the same group if one is the 75% subsidiary of the other or both are 75% subsidiaries of a third company.
A company (company B) is the 75% subsidiary of another (company A) if company A satisfies the following conditions
-is beneficial owner of not less than 75% of the ordinary share capital (either directly or through another company or companies as determined by sections 1155 to 1157 of the Corporation Tax Act 2010 of company B
-is beneficially entitled to not less than 75% of the profits available for distribution to equity holders of company B
-would be beneficially entitled to not less than 75% of any assets of company B available for distribution to its equity holders on a winding-up... Read More

Mark Smith (Barrister-At-Law)

11:25 AM, 15th April 2020
About 3 months ago

Has anyone ever let a friend invest in their BTL property?

Reply to the comment left by Sharon at 15/04/2020 - 11:23
Yes-a JV agreement can be devised to cover all these eventualities... Read More