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A client acquired a small hotel in a north Wales seaside town situated in a designated disadvantaged area for 650,000, taxable at 4% according to Stamp Taxes. The property included a modest amount of goodwill, unusually accepted as being worth 50,000 by ST. The property also included a separately identifiable element of living accommodation with a value of 120,000 and a certain amount of chattels valued at 10,000. Because the property was in a DDA the living accommodation with a value of under 150,000 fell to be excluded from tax as did the goodwill and chattels. This reduced the taxable amount to some 470,000 taxable at 4%. ST argued in various ways to increase the taxable amount and the rate of tax but all their arguments were defeated. The client saved 5,400.
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