Exchanges (or not)

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    Nigel Hollinshead
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    Some may see this as an obvious post. I think it worth making. I received (yet another) letter from lawyers asking for clarification of the SDLT exposure for clients who are (in the lawyer?s words) ?partitioning land from a jointly held estate and (then) exchanging their joint interests in Properties A and B.? They wonder if para 4 Sch 21 FA 2011 affects the matter.
    Answer: This is not ? in SDLT terms ? an ?exchange? but a ?partition?. Provided no equality monies change hands then no SDLT need arise. And FA 2011 has no bearing on the matter. They are within para 6 Sch 4 not para 5. Hence, the motto is: it would be nice if parliamentary draftsmen could be asked to supply appropriate definitions. Wouldn?t life be easier?

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