Partnership, or not?; Test of time; In the picture; European citizen
Partnership or not?
SDLT exemption on transferring jointly held land to a connected company.
My clients a brother and sister jointly own some land which is let on a commercial basis. They act jointly in all matters and a set of accounts for the undertaking is drawn up every year. Nevertheless they do not complete a partnership return and all income is declared as joint property income on their individual tax returns.
However the land is subject to an option to tax and for VAT purposes a partnership exists. The VAT registration and returns are made on that basis.
My clients now wish to place this land within a corporate wrapper and ideally would like to take advantage of the stamp duty land tax exemption in FA 2003 Sch 15 paras 18 to 20 that applies to transfers from...