British Property Law On Stamp Duty Avoidance Schemes 2 Sep 2013 SDLT schemes: the good, the bad and the ugly Contributed by Katten Muchin Rosenman UK LLP Author: Sanjay Mehta Chancellor George Osborne had warned that he would "not hesitate to move swiftly, without notice and retrospectively" to counter aggressive and widely marketed stamp duty land tax (SDLT) schemes. In Budget 2013, when announcing retrospective SDLT legislation to counter sub-sale schemes, he showed that he was willing to follow through on this promise. This update reviews some of the practical implications raised by this development. Essentially, sub-sale schemes involve an original purchaser that: contracts to acquire land (often residential); subsequently enters into an onward sale agreement with a second purchaser, subject to completion being delayed for up to 125 years; and remains in possession. However, the new rules will now retrospectively deny sub-sale relief in relation to transactions that have been substantially performed on or after March 21 2012 (ie, the date of Budget 2012, when the chancellor issued his threat). Full details: balitapinoy.net/Property_Law.html
Posted on: Wed, 04 Sep 2013 16:58:00 +0000
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