one of my colleagues locally is now having registration of title problems. Land Registry saying the unlimited scheme does attract SDLT. Looks as if it all turns on there being no SDLT return filed. Scheme providers give a letter addressed to Land Reg. quoting a couple of cases. HMLR saying the quoted cases show SDLT is payable.
Does this scheme – unlimited co. buys, then wound up, assets distributed to shareholders, transfer to the individuals – seem safe?
I and other colleagues feeling a bit nervous, particularly if HMLR ca hold up registration, or refuse to register.