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Para 18 Sch 15 FA 2003 (again)


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Nigel Hollinshead

Posted on:
01/10/09 09:25

Subject: Para 18 Sch 15 FA 2003 (again)

A& B are brothers. A is dying. B is to buy A's entire interest in land and buildings A&B own as a property investment partnership. B is not buying A's "interest" in the partnership, as the partnership is terminating. Para 18(2)+ Para 20 imply no SDLT. As the actual transaction is a sale of land for full value, why should no duty be payable?

Patrick

Posted on:
01/10/09 12:32

Subject: RE: Para 18 Sch 15 FA 2003 (again)

I agree no SDLT and the reason is the policy of treating transfers between person connected with individual partners as generally not taxable.

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