Stamp duty land tax and sub-sales: draft anti-avoidance legislation

The Finance Bill will amend the SDLT rules on a transfer of rights (or sub-sale) ‘so that the grant or assignment of an option cannot be a transfer of rights’.

The change, to take effect from 21 March 2012, will make clear that ‘the grant or assignment of an option cannot satisfy the requirements of the SDLT sub-sales rule’, the Budget report said.

Draft legislation is available on HMRC’s website.

The government announced its intention to ‘close down future SDLT avoidance schemes, with effect from 21 March 2012 where appropriate’.