Subjects:

Conveyancing

Contents:

The charge to stamp duty land tax

Rates and computation

Leases and rents

Tax triggers

Identifying the taxpayer

Exemptions and reliefs

Special situations such as:- 1.Building agreements

2.Subsales and assignments

3.Trusts and estates

Compliance

Land Registry issues

Land tax return requirements

Revenue and self certificates

Enquiries and information powers

Valuation

Stamp Duty Land Tax replaced stamp duty in 2003 and has been subject to numerous changes subsequently. Many transactions, not previously subject to stamp duty, are now chargeable under a complex regime, supported by a whole range of penalties including criminal sanctions involving imprisonment and/or heavy fines for errors in completing the required returns and breaches of the requirements for record keeping. The new regime requires changes in conveyancing practice and involves new issues for client relationships.

All property and tax professionals need to know the answers to the following questions:-

• How does a taxpayer claim a relief or exemption or reclaim overpaid tax?
• When can the Revenue enquire into a transaction, and under what circumstances can they re-open a transaction after 21 years?
• Are there any differences between residential and commercial conveyancing in relation to stamp duty?
• What has happened to subsale relief and resting on contract?
• What is the current regime for tax on rents, and why does it increase the tax on seven-year leases by a factor of 5?
• When does the new partnership regime still impose tax upon changes of partner?