How to Calculate Stamp Duty Land Tax Overlap Relief for New Lease of Commercial Property

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The document discusses calculating overlap relief for stamp duty land tax when a new commercial lease replaces an existing lease. It provides an example where the new lease overlaps the existing lease by 2 years and 119 days. Accounting for this overlap reduces the rent figures and stamp duty land tax due on the new lease. The difference between the tax due with and without considering the overlap relief period is £11,803 in this example.

Business Economy & Finance

Calculating Stamp Duty
Land Tax Overlap Relief for a
New Lease of Commercial
Property
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• About Ann…
–
–
–
–
–

Tax lawyer with over 30 years experience
Set up her own practice after 16 years in the City
Published author on stamp duty land tax
Profiled as a leading authority on VAT
Also specialises in business tax
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• No overlap relief…
– If the old lease (lease 1) was subject to stamp duty
– If lease 1 was relieved from stamp duty land tax

www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap Relief
• This calculation will deal with:
–
–
–
–
–

Commercial property
Existing lease is being surrendered
Replaced by a new lease
The 2 leases overlap in time
There is no premium for either lease
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• Disclaimer
– Technical information correct as at September 2012
– Mistakes can be costly
– Check with a tax professional

• This presentation cannot cover every eventuality
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• What information do you need?
–
–
–
–
–

Date of lease
Term of lease
Commencement date
Rent amount
Rent commencement date

• HMRC’s SDLT calculator for new leases
– http://www.hmrc.gov.uk/sdlt/calculate/calculators.htm
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• Lease 1 (old lease)
–
–
–
–
–

Lease date – 23rd Dec 2008
Term – 6 years from commencement date
Commencement date – 25th Dec 2008
Rent - £850,000
Rent commencement date – 25th Sept 2010
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• Lease 2 (new lease)
– Lease date – 28th Aug 2012
– Term – From commencement date to 24th Dec
2019
– Commencement date – 28th Aug 2012
– Rent - £850,000
– Rent commencement date – 29th June 2013
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• Overlap period…
– From 28th August 2012 to 24th December 2014 inclusive
– Period of 2 years and 119 days

• Reduce rent figures for lease 2 for the overlap period
• Take into account rent free periods
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• SDLT on lease 2 (with no overlap relief) is
£45,728
– Year 1 rent is £141,667 (1/6th of £850,000)
– Years 2 to 5 rent is £850,000 yearly
– Net present value of £4,722,858

www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap Relief
• The overlap period for lease 2 is 2 years 119
days (22/08/12 to 24/12/14)
• Therefore
• Rent for years 1 and 2 reduces to nil
• Rent for year 3 is reduced by 119/365 (£277,123)
• £850,000 - £277,123 = £572,877
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief
• SDLT on lease 2 with overlap relief is £33,925
–
–
–
–

Year 1 and year 2 rent is nil
Year 3 rent is £572,877
Years 4 to 5 rent is £850,000 yearly
Net present value of £3,542,548

www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap Relief
• To calculate overlap relief…
– Take SDLT figure for lease 2 (£45,728)
– Subtract SDLT figure for lease 2 giving overlap
relief (£33,925)

• Overlap relief is £11,803 (£45,728 - £33,925)
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap relief

www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

Overlap Relief
• Refer to Ann’s website for information including SDLT
case studies
• Any questions?
– Leave a comment or…
– Contact Ann by email: ann@annlhumphrey.com

• For a copy of presentation please email me
www.annlhumphrey.com
Authorised and regulated by the Solicitors Regulation Authority No. 76681

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How to Calculate Stamp Duty Land Tax Overlap Relief for New Lease of Commercial Property

1. Calculating Stamp Duty Land Tax Overlap Relief for a New Lease of Commercial Property www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

2. Overlap relief • About Ann… – – – – – Tax lawyer with over 30 years experience Set up her own practice after 16 years in the City Published author on stamp duty land tax Profiled as a leading authority on VAT Also specialises in business tax www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

3. Overlap relief • No overlap relief… – If the old lease (lease 1) was subject to stamp duty – If lease 1 was relieved from stamp duty land tax www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

4. Overlap Relief • This calculation will deal with: – – – – – Commercial property Existing lease is being surrendered Replaced by a new lease The 2 leases overlap in time There is no premium for either lease www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

5. Overlap relief • Disclaimer – Technical information correct as at September 2012 – Mistakes can be costly – Check with a tax professional • This presentation cannot cover every eventuality www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

6. Overlap relief • What information do you need? – – – – – Date of lease Term of lease Commencement date Rent amount Rent commencement date • HMRC’s SDLT calculator for new leases – http://www.hmrc.gov.uk/sdlt/calculate/calculators.htm www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

7. Overlap relief • Lease 1 (old lease) – – – – – Lease date – 23rd Dec 2008 Term – 6 years from commencement date Commencement date – 25th Dec 2008 Rent - £850,000 Rent commencement date – 25th Sept 2010 www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

8. Overlap relief • Lease 2 (new lease) – Lease date – 28th Aug 2012 – Term – From commencement date to 24th Dec 2019 – Commencement date – 28th Aug 2012 – Rent - £850,000 – Rent commencement date – 29th June 2013 www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

9. Overlap relief • Overlap period… – From 28th August 2012 to 24th December 2014 inclusive – Period of 2 years and 119 days • Reduce rent figures for lease 2 for the overlap period • Take into account rent free periods www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

10. Overlap relief • SDLT on lease 2 (with no overlap relief) is £45,728 – Year 1 rent is £141,667 (1/6th of £850,000) – Years 2 to 5 rent is £850,000 yearly – Net present value of £4,722,858 www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

11. Overlap Relief • The overlap period for lease 2 is 2 years 119 days (22/08/12 to 24/12/14) • Therefore • Rent for years 1 and 2 reduces to nil • Rent for year 3 is reduced by 119/365 (£277,123) • £850,000 - £277,123 = £572,877 www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

12. Overlap relief • SDLT on lease 2 with overlap relief is £33,925 – – – – Year 1 and year 2 rent is nil Year 3 rent is £572,877 Years 4 to 5 rent is £850,000 yearly Net present value of £3,542,548 www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

13. Overlap Relief • To calculate overlap relief… – Take SDLT figure for lease 2 (£45,728) – Subtract SDLT figure for lease 2 giving overlap relief (£33,925) • Overlap relief is £11,803 (£45,728 - £33,925) www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

14. Overlap relief www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

15. Overlap relief www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

16. Overlap relief www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

17. Overlap Relief • Refer to Ann’s website for information including SDLT case studies • Any questions? – Leave a comment or… – Contact Ann by email: ann@annlhumphrey.com • For a copy of presentation please email me www.annlhumphrey.com Authorised and regulated by the Solicitors Regulation Authority No. 76681

How to Calculate Stamp Duty Land Tax Overlap Relief for New Lease of Commercial Property

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