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Paketeringsutredningens påverkan på fastighetstransaktioner

Werner, Jacob LU and Bergman, Rasmus (2018) VFTM01 20181
Real Estate Science
Abstract (Swedish)
Den 30 mars 2017 presenterade Finansdepartementet Vissa frågor inom fastighets- och stämpelskatteområdet (SOU 2017:27), även kallat paketeringsutredningen. Förslagen som utredningen presenterade innebär bland annat att transaktioner med paketerade fastigheter ska beskattas symmetriskt med lagfartsöverlåtelser, till skillnad från nuläget då de kan ske skattefritt genom försäljning av näringsbetingade andelar. Värdet på samtliga bolagstransaktioner, med köpeskilling över 40 miljoner kronor, summeras under åren 2014–2017 till drygt 500 miljarder kronor. Värdet på lagfartsöverlåtelser under samma period uppgår till cirka 37 miljarder. Träder förslaget i kraft den 31 juni 2018, vilket utredningen föreslår, kan det därför innebära stor påverkan... (More)
Den 30 mars 2017 presenterade Finansdepartementet Vissa frågor inom fastighets- och stämpelskatteområdet (SOU 2017:27), även kallat paketeringsutredningen. Förslagen som utredningen presenterade innebär bland annat att transaktioner med paketerade fastigheter ska beskattas symmetriskt med lagfartsöverlåtelser, till skillnad från nuläget då de kan ske skattefritt genom försäljning av näringsbetingade andelar. Värdet på samtliga bolagstransaktioner, med köpeskilling över 40 miljoner kronor, summeras under åren 2014–2017 till drygt 500 miljarder kronor. Värdet på lagfartsöverlåtelser under samma period uppgår till cirka 37 miljarder. Träder förslaget i kraft den 31 juni 2018, vilket utredningen föreslår, kan det därför innebära stor påverkan för många fastighetsägare. Förutom ökade transaktionskostnader skulle en praktisk tillämpning av utredningen även resultera i ett utlösande av den latenta skatteskuld som finns i många bolag i samband med en framtida försäljning. Med andra ord kan därmed nuvarande fastighetsägare behöva betala skatt för värdestegringar som uppkommit i tidigare ägares hand.

Redan innan offentliggörandet av utredningen uppstod en viss osäkerhet på marknaden då en del aktörer spekulerade i en stopplagstiftning. Det första kvartaletstransaktionsvärde 2017 uppgick till 35 miljarder kronor vilket är cirka 30 procent högre än 2016. Den 30 mars, samma dag som utredningen presenterades, gjordes 18 bolagstransaktioner till ett värde över 2,5 miljarder kronor. Efter att utredningen offentliggjordes har vi kunnat notera en prisförändring i form av förändrat avdrag för latent skatteskuld. Innan utredningen presenterades var marknadskonsensus ett avdrag om 0 till 25 procent medan det direkt efter presentationen vanligtvis gjordes ett avdrag mellan 25 och 50 procent. En tid därefter rörde sig avdraget succesivt tillbaka till tidigare nivåer. Det används fortfarande som förhandlingsmedel i vissa fall då köpare kommit fram till samma underliggande värde på fastigheten och i de mest attraktiva lägena har det fortsatt göras affärer utan avdrag.

Vidare finns det exempel på affärer som avbrutits alternativt skjutits upp på grund av osäkerheterna som utredningens förslag har medfört, det har dock inte skett i särskilt stor utsträckning. Fastighetsbolag vars affärsidé är att äga och förvalta långsiktigt påverkas inte i samma utsträckning som de mer transaktionsintensiva utan de förhåller sig snarare till marknadens spelregler. De intervjuade fastighetsbolagen anser att utredningen har medfört viss osäkerhet men att man inte vill spekulera för mycket i tänkbara utfall och därmed fortsatt göra transaktioner. Värt att notera är att det även finns åsikter som stödjer utredningens förslag. Möjligtvis inte bokstavligen vad man kommit fram till, men idén som ligger till grund för den. Bland annat finns aktörer som redan avyttrar via lagfart varför utredningens utfall snarare skulle generera ökad konkurrenskraft. (Less)
Abstract
On March 30th 2017 the special appointed committee from the Swedish Treasury Department presented Vissa frågor inom fastighets- och stämpelskatteområdet (SOU 2017:27), also known as “paketeringsutredningen”. Suggestions from the public investigation include among other things amendments stating that transactions of incorporated real estate should be taxed symmetrically with traditionally transactioned real estate, as opposed from the current situation where they can be sold tax-free as company shares.

The total value of incorporated transactions, with purchase prices above 40 million SEK, from 2014 – 2017 sums up to just over 500 billion SEK. The value of traditional real estate transactions during the same time period amount to... (More)
On March 30th 2017 the special appointed committee from the Swedish Treasury Department presented Vissa frågor inom fastighets- och stämpelskatteområdet (SOU 2017:27), also known as “paketeringsutredningen”. Suggestions from the public investigation include among other things amendments stating that transactions of incorporated real estate should be taxed symmetrically with traditionally transactioned real estate, as opposed from the current situation where they can be sold tax-free as company shares.

The total value of incorporated transactions, with purchase prices above 40 million SEK, from 2014 – 2017 sums up to just over 500 billion SEK. The value of traditional real estate transactions during the same time period amount to approximately 37 billion SEK. If the proposition takes effect the 31 of June this year as it proposes, it might therefore cause great impact for many property owners. Except for increasing transaction costs, a realization of the investigation would also result in a realization of deferred tax when disposing the property. Thus, current property owners might be responsible of paying tax for appreciation capitalized by the previous owner.

Even before the publication, the legislation proposal led to uncertainty in the market due to speculations whether it would result in a stop law or not. The transaction value of the first quarter of 2017 amounted to 35 billion SEK, which is about 30 percent more than 2016. The 30th of March, the same day as the proposition was presented, 18 incorporated transactions were made at a total value of 2,5 billion SEK. Since the presentation of the proposition, we have been able to deduce change in price due to an increased discount for deferred tax. Before, regularly the market was satisfied at a discount level between 0 to 25 percent while immediately afterwards, the common level amounted to 25 to 50 percent discount. Though as the market became more and more comfortable with the new proposal, only some weeks later the discount level gradually returned to the previous level. Although it is still frequently utilized as bargaining leverage when buyers conclude the same underlying value of the property. At the most attractive locations however, business appear to continue as usual without any discount.

Moreover, there are examples of deals who have been disrupted completely, or at least interrupted, because of the accompanied uncertainty the investigation has led to. Though not to a very wide extent. Property companies whose business idea is to possess and conduct property for the long-term has not been as influenced as the more transaction intense companies. The interviewed parties do admit that the investigation has caused some uncertainty although they do not want to speculate in possible outcomes and therefore have continued making transactions. Worth mentioning is that there are opinions who support the suggestions of the investigation. Possibly not literally, but the idea behind it. Some actors already sell property in the traditional way, which is why the outcome of the investigation would result in increased competitiveness. (Less)
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author
Werner, Jacob LU and Bergman, Rasmus
supervisor
organization
alternative title
The Impact of a new Tax Proposal on Real Estate Transaction
course
VFTM01 20181
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Paketeringsutredningen, Fastighetspaketering, Fastighetsskatter, Fastighetstransaktioner Tax Proposal, Real Estate Taxes, Incorporated transactions
other publication id
ISRN/LUTVDG/TVLM/18/5412 SE
language
Swedish
English
id
8947076
date added to LUP
2018-06-12 08:47:52
date last changed
2018-06-12 08:47:52
@misc{8947076,
  abstract     = {On March 30th 2017 the special appointed committee from the Swedish Treasury Department presented Vissa frågor inom fastighets- och stämpelskatteområdet (SOU 2017:27), also known as “paketeringsutredningen”. Suggestions from the public investigation include among other things amendments stating that transactions of incorporated real estate should be taxed symmetrically with traditionally transactioned real estate, as opposed from the current situation where they can be sold tax-free as company shares.

The total value of incorporated transactions, with purchase prices above 40 million SEK, from 2014 – 2017 sums up to just over 500 billion SEK. The value of traditional real estate transactions during the same time period amount to approximately 37 billion SEK. If the proposition takes effect the 31 of June this year as it proposes, it might therefore cause great impact for many property owners. Except for increasing transaction costs, a realization of the investigation would also result in a realization of deferred tax when disposing the property. Thus, current property owners might be responsible of paying tax for appreciation capitalized by the previous owner.

Even before the publication, the legislation proposal led to uncertainty in the market due to speculations whether it would result in a stop law or not. The transaction value of the first quarter of 2017 amounted to 35 billion SEK, which is about 30 percent more than 2016. The 30th of March, the same day as the proposition was presented, 18 incorporated transactions were made at a total value of 2,5 billion SEK. Since the presentation of the proposition, we have been able to deduce change in price due to an increased discount for deferred tax. Before, regularly the market was satisfied at a discount level between 0 to 25 percent while immediately afterwards, the common level amounted to 25 to 50 percent discount. Though as the market became more and more comfortable with the new proposal, only some weeks later the discount level gradually returned to the previous level. Although it is still frequently utilized as bargaining leverage when buyers conclude the same underlying value of the property. At the most attractive locations however, business appear to continue as usual without any discount.

Moreover, there are examples of deals who have been disrupted completely, or at least interrupted, because of the accompanied uncertainty the investigation has led to. Though not to a very wide extent. Property companies whose business idea is to possess and conduct property for the long-term has not been as influenced as the more transaction intense companies. The interviewed parties do admit that the investigation has caused some uncertainty although they do not want to speculate in possible outcomes and therefore have continued making transactions. Worth mentioning is that there are opinions who support the suggestions of the investigation. Possibly not literally, but the idea behind it. Some actors already sell property in the traditional way, which is why the outcome of the investigation would result in increased competitiveness.},
  author       = {Werner, Jacob and Bergman, Rasmus},
  keyword      = {Paketeringsutredningen,Fastighetspaketering,Fastighetsskatter,Fastighetstransaktioner Tax Proposal,Real Estate Taxes,Incorporated transactions},
  language     = {swe},
  note         = {Student Paper},
  title        = {Paketeringsutredningens påverkan på fastighetstransaktioner},
  year         = {2018},
}