Sara MacCullum identifies the tax issues that matter in 2010 for commercial property transactions
The five key changes in 2010 affecting the taxation of commercial property are as follows:
1. SDLT disclosure regime
On 1 April 2010 the system of scheme reference numbers under the direct tax disclosure of tax avoidance schemes (DOTAS) regime was extended to cover SDLT (Tax Avoidance Schemes (Information) (Amendment) Regulations SI 2010/410). Promoters of SDLT schemes are now issued a scheme reference number (SRN) by HMRC when they disclose SDLT schemes and the promoters must in turn pass the SRN on to the users of the scheme who report the eight-digit SRN on their land transaction return. In addition 1 April 2010 saw the introduction of FA 2008 Sch 38 to the SDLT disclosure code which sets out the disclosure requirements for co-promoters.
Further changes to the DOTAS regime...
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Sara MacCullum identifies the tax issues that matter in 2010 for commercial property transactions
The five key changes in 2010 affecting the taxation of commercial property are as follows:
1. SDLT disclosure regime
On 1 April 2010 the system of scheme reference numbers under the direct tax disclosure of tax avoidance schemes (DOTAS) regime was extended to cover SDLT (Tax Avoidance Schemes (Information) (Amendment) Regulations SI 2010/410). Promoters of SDLT schemes are now issued a scheme reference number (SRN) by HMRC when they disclose SDLT schemes and the promoters must in turn pass the SRN on to the users of the scheme who report the eight-digit SRN on their land transaction return. In addition 1 April 2010 saw the introduction of FA 2008 Sch 38 to the SDLT disclosure code which sets out the disclosure requirements for co-promoters.
Further changes to the DOTAS regime...
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