Where the property transferred doesn’t consist entirely of an curiosity in residential property then the non-residential property LTT charges and bands apply to that transaction. The WRA would count on the tax treatment to match the treatment that may apply had a single registered title masking the same property and land been the topic of the transaction. Therefore one wouldn’t count on a tax benefit to arise from dividing a property and its land into separate titles if those titles kind part of a single transaction or collection of linked transactions. In most circumstances the transaction will include a single registered title for the property and land.
This is unlikely to be viewed as a business undertaking and is prone to make the land residential. As stated, typically, land hooked up to a dwelling might be treated as garden or grounds. The main exception to this is farmland, which is clearly neither garden nor grounds of a farmhouse. However, land does not should be acquired with a dwelling for it to satisfy these circumstances. Land acquired individually from a dwelling needs to be assessed at the ”˜efficient date’ to determine if it’s residential or not.
There must be some attribute over and above the meant tenants to make a property one that is residential lodging for college kids. For example, a block of flats may have a planning restriction that implies that they could only be let to students. It is price noting that, as explained within the greater rates part of the steering, the acquisition of a non-residential property that features a dwelling isn’t chargeable to larger residential property LTT rates and bands. However this doesn’t cease the dwelling part of that acquisition being subsequently taken into account as a dwelling when assessing how many dwellings a person holds for the purposes of the higher charges rules.
This applies to an curiosity in land which is not connected to the dwelling and its backyard or grounds. For example, a dwelling is acquired with a neighbouring subject that the previous owner had used to keep chickens. The earlier owner offered both eggs and chicks, from which she gained a reasonable income but ran at a loss.
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