.png)
.png)
11 October 2011
'Stamp duty land tax not taken into account'
I refer to Paul Benney’s article Gain in the garden. I would like to point out that in the possible solution to Mr Nissan’s problem, which involves a transfer of the property to a company controlled by Mr Nissan, stamp duty land tax has not been taken into account.
If Mr Nissan transfers the property to a connected company a charge to SDLT on market value is required by FA 2003, s 53, at rates up to a possible 5%. At the least, this would reduce the economic advantage of the solution involving a company.
Brian Slater, tax partner, Finers Stephens Innocent LLP, solicitors
