Example:

Nick and TBS limited are jointly purchasing a dwelling. Nick owns another dwelling that he is using as a main residence but he is selling this and will use the new dwelling as his main residence. Although at the end of the day that is the effective date of the transaction, Nick owns one dwelling, and will have disposed of a main residence, the ADS will apply.

This is because, for the purposes of the LBTT(A)(S)A 2016, TBS Limited is treated as if it is the owner of the newly purchased dwelling (deemed ownership) and all purchases of dwellings, including the first purchase, by a company will be liable for the ADS

Last updated: 
6 April 2016
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