What would the stamp duty payable be on the purchase of a business made up as follows...
Remainder of lease - 2years 3 months at 1810 per annum (although a right to a 35 year lease was negotiated)
Contents (Machinary to operate business but these are I hope being treated as passing by delivery) - 25300
Goodwill - 90600
Total valuation od business 115000
Revenue figure at moment is 6367 with the following disclaimer - Assessment does not include contents passing by delivery, however duty is payable at the higher rate.
From what I can work out they are charging 7% on 90600 plus 2 x 12.50. Yet the rate in the revenue booklet is 6% from 80001 to 100000. i.e. they are charging me an extra 906.
Is there any way of mitigating any of this duty?
Conversely would the seller be liable to capital gains (or any other taxation) on the sale of the business he built up from scratch?
Remainder of lease - 2years 3 months at 1810 per annum (although a right to a 35 year lease was negotiated)
Contents (Machinary to operate business but these are I hope being treated as passing by delivery) - 25300
Goodwill - 90600
Total valuation od business 115000
Revenue figure at moment is 6367 with the following disclaimer - Assessment does not include contents passing by delivery, however duty is payable at the higher rate.
From what I can work out they are charging 7% on 90600 plus 2 x 12.50. Yet the rate in the revenue booklet is 6% from 80001 to 100000. i.e. they are charging me an extra 906.
Is there any way of mitigating any of this duty?
Conversely would the seller be liable to capital gains (or any other taxation) on the sale of the business he built up from scratch?