New Industrial Property Purchase – Stamp Duty?Make Text Bigger
This month I am purchasing an Industrial new Build price £200,000 + VAT. The Developer has a larger unit that I want to purchase at £340,00 + VAT within six months and has agreed to take the original purchased Unit back at full purchase price in p/x.
The original unit was intended for my manufacturing company use, but on reflection it is not large enough so my intention is to moth ball the original purchase till the larger unit is available.
My question is can I and if so avoid a double Stamp Duty charge. I expect to pay it on the larger unit, but it seems harsh if I have to pay it on the smaller unit never occupied. Is there some contra scheme by HMRC that can be used?
I realise the simple option is to drop the purchase of the smaller unit and purchase the larger one, but I am so far down the road to drop out now would risk the loss of a considerable deposit and I could end up with neither unit, also I understand times are difficult and the developer will want to get his hands on cash from a sale. I do not want to purchase both Units.
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