Revenue news

HMRC have issued a note about deeds of rectification and stamp duty land tax. It is summarised below.
For most land transactions there is a contract followed by a deed which gives effect to what the parties agreed in the contract. Where the deed does not correctly reflect what the parties agreed in the contract a further deed will normally be executed which when read with the original deed gives effect to what the parties agreed. This process is called 'rectification'.
There are no special stamp duty land tax rules for deeds or court orders of rectification. Most land transactions need to be notified to HMRC so where additional freehold land is transferred by a deed of rectification the transaction must be notified where the transferee gives any consideration for the additional land (unless the transfer is of residential property and the consideration is under...