The CIOT warned that 'quite straightforward' partnership transactions including those involving genuine family reorganisations may become liable to SDLT with effect from 24 March 2010. FA 2010 s 55 amends FA 2003 s 75C to exclude the special rules in FA 2003 Sch 15 Pt 3 from a notional transaction within FA 2003 s 75A (anti-avoidance). The change was intended to ensure that schemes seeking to exploit the partnership rules are subject to s 75A.
'The amendment has wider consequences and appears to render FA 2003 Sch 15 Pt 3 redundant for any partnership transactions where there is consideration ' the CIOT said in a submission to HMRC on 28 April adding that the change 'effectively undoes' much of what was achieved through extensive consultation. The tax body called for 'an overall review and reconsideration' of the SDLT partnership code ...
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The CIOT warned that 'quite straightforward' partnership transactions including those involving genuine family reorganisations may become liable to SDLT with effect from 24 March 2010. FA 2010 s 55 amends FA 2003 s 75C to exclude the special rules in FA 2003 Sch 15 Pt 3 from a notional transaction within FA 2003 s 75A (anti-avoidance). The change was intended to ensure that schemes seeking to exploit the partnership rules are subject to s 75A.
'The amendment has wider consequences and appears to render FA 2003 Sch 15 Pt 3 redundant for any partnership transactions where there is consideration ' the CIOT said in a submission to HMRC on 28 April adding that the change 'effectively undoes' much of what was achieved through extensive consultation. The tax body called for 'an overall review and reconsideration' of the SDLT partnership code ...
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