My client is a developer and is looking to acquire land for residential development. The seller has asked for consideration consisting of £3m cash and building works (some houses on land which the seller will retain). The works will cost my client £300 000 although a builder would typically charge up to £500 000. My client will sell the site on to a housebuilder for £3m. The housebuilder will engage my client to carry out the development (and the fees for this will more than compensate my client for the cost of the houses built for the seller). The housebuilder will market and sell the units. Is this efficient for SDLT purposes or is there a better way to proceed?
In principle there could be three...