Paul Beausang and Anisha Polson (Eversheds Sutherland) provide a refresher guide to what must be among the most complex of all the SDLT rules.
The SDLT rules were introduced to replace stamp duty in respect of transactions in land or in interests in land nearly two decades ago on 1 December 2003. In deference to the use of limited partnerships as the main institutional property fund vehicle at the time HMRC took more care and time in extending the regime to partnerships but it did so on 23 April 2004.
There are two broad categories where SDLT applies to a transaction involving partnerships:
1. a property is transferred in or out of the partnership (this could be by way of a partner contribution or an acquisition or a distribution to a partner or a sale); and
2. where there is a transfer of a partnership...
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Paul Beausang and Anisha Polson (Eversheds Sutherland) provide a refresher guide to what must be among the most complex of all the SDLT rules.
The SDLT rules were introduced to replace stamp duty in respect of transactions in land or in interests in land nearly two decades ago on 1 December 2003. In deference to the use of limited partnerships as the main institutional property fund vehicle at the time HMRC took more care and time in extending the regime to partnerships but it did so on 23 April 2004.
There are two broad categories where SDLT applies to a transaction involving partnerships:
1. a property is transferred in or out of the partnership (this could be by way of a partner contribution or an acquisition or a distribution to a partner or a sale); and
2. where there is a transfer of a partnership...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
