Neil Warriner, Michelle Williamson and John Tolman review HMRC’s recent guidance on when an LLP can form part of a group for SDLT and stamp duty purposes
Two basic points
Before looking at the new HMRC guidance in detail it is important to note two basic points:
As a matter of general law an LLP is a body corporate with separate legal personality (Limited Liability Partnership Act 2000 s 1(2)) and is the beneficial owner of its assets. By contrast in an English general or limited partnership the partnership property is beneficially owned by the parties collectively; they are each said to have an undivided share in the partnership assets.
There is a very important provision for partnerships (including LLPs) in the SDLT rules which is not mirrored in the stamp duty rules. For SDLT purposes chargeable interests in land held by a partnership (including...
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Neil Warriner, Michelle Williamson and John Tolman review HMRC’s recent guidance on when an LLP can form part of a group for SDLT and stamp duty purposes
Two basic points
Before looking at the new HMRC guidance in detail it is important to note two basic points:
As a matter of general law an LLP is a body corporate with separate legal personality (Limited Liability Partnership Act 2000 s 1(2)) and is the beneficial owner of its assets. By contrast in an English general or limited partnership the partnership property is beneficially owned by the parties collectively; they are each said to have an undivided share in the partnership assets.
There is a very important provision for partnerships (including LLPs) in the SDLT rules which is not mirrored in the stamp duty rules. For SDLT purposes chargeable interests in land held by a partnership (including...
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:
