Sara MacCallum reviews the top five taxation developments in 2011 affecting commercial property
2011 saw a number of key tax developments impacting on the commercial property market.
2011 has seen a number of anti-avoidance measures introduced that will impact on the commercial property market. The March Budget resulted in new SDLT avoidance measures that came into force on 24 March 2011 and broadly apply to transactions entered into after that date.
Firstly FA 2003 s 45(3) was amended to extend the exception from sub-sale relief to arrangements where any of the alternative property finance or ‘Islamic finance’ reliefs are used (ie those contained in FA 2003 ss 71A–73). The changes announced will essentially prevent taxpayers avoiding...
