Posted by Simon Griffiths on 22 Oct 2012
Stamp Duty Land Tax
Her Majesty’s Revenue & Customs (HMRC) have over a number of years, been looking at the various Stamp Duty Land Tax (SDLT) avoidance schemes and measures have been introduced to prevent such schemes from operating “under the radar”.
Certain schemes avoided being notified to HMRC under the disclosure of tax avoidance schemes regime because the schemes were made available for implementation prior to 1st April 2010. Such schemes are known as “grandfathered” and require no disclosure to HMRC.
Due to proposed changes to the grandfathering rules some grandfathered schemes implemented on or after 1st November 2012 will have to be disclosed to HMRC. If one is considering the purchase of a property using an arrangement designed to reduce the exposure to SDLT, it would be better, if possible, to complete the transaction before 1st November 2012. If completion before then is not feasible, advice should be taken on whether or not the proposed scheme to reduce the exposure to SDLT is still going to be relevant on or after 1st November 2012.
If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or firstname.lastname@example.org.
- Property Partnership Incorporation and SDLT
- Top 10 tax tips for expats moving to the UK
- Overseas Pension Changes 6 April 2017
- Tax on PPI payments
- Changes to the Taxation of QNUPS