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The definitive word by an acknowledged expert on stamp duty. Published in hard-back and at 694 pages, this second edition is almost three times longer than the first edition.
There have been several Stamp Office Statements of Practice which, together with the decision in Peter Bone Ltd v IRC, indicate the importance of structuring the transaction and drafting the documents when considering the stamp costs of a transaction when the duty can rise to over 24% duty. These fundamental drafting issues in the context of the charging practices of the Stamp Office are considered in detail in this new edition.
The scope of stamp duties upon land transactions has been considerably extended:
Finance Act 1994 increased the scope for ad valorem charges upon land exchanges which can include sale and leaseback transactions, variations and leases which may involve surrenders and regrants.
Value Added Tax now applies to land transactions and the Glenrothes decision holds that stamp duty may be payable on the actual or potential VAT component in the consideration of rent.
Relief is now available for intra-group leases but the conditions for exemptions for intra-group sales have been tightened.
Finance Act 1994 supplemented the general contingency principle for sales and leases of land. The implication of these changes in the context of the Stamp Office practice is analysed in depth.
The issue of land transactions and related building agreements has moved on.
The changes made by the Trade Marks Act 1994 have raised difficulties for stamp duty charges upon transactions involving intellectual property.
Discussions of alternative methods of structuring transactions and drafting of documents for stamp duty efficiency together with many practical illustrations of day-to-day problems make this book invaluable to all professional advisers.
Valuation has become a major issue and a section of this new edition deals with the principles of stamp duty valuation.