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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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This book is now Out of Print.
A new edition was published, see:
Stamp Duty Land Tax 3rd ed isbn 9781846611834

Stamp Duty Land Tax 2nd ed

ISBN13: 9781846610578
New Edition ISBN: 9781846611834
Previous Edition ISBN: 0853088918
Published: March 2007
Publisher: Jordan Publishing Ltd
Country of Publication: UK
Format: Paperback
Price: Out of print

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?

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
Land Registry issues
Land tax return requirements
Revenue and self certificates
Enquiries and information powers