SDLT partnership anti-avoidance

The press releases confirm that stamp duty land tax (SDLT) anti-avoidance legislation will be introduced in the Finance Bill 2010 “to target those who exploit the SDLT partnerships rules to reduce artificially the SDLT payable on some land transactions”.

From the basic details which have been outlined in the press release, it seems that the existing general anti-avoidance provisions (sections 75A to C, FA 2003) which apply to SDLT will be amended to ensure that transactions which fall within the anti-avoidance rules will not benefit from the special partnership rules.

The new measures will apply to transactions with an effective date on or after 24 March 2010 (subject to transitional rules).

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