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New queries, issue 4636

20 February 2018
Issue: 4636 / Categories: Forum & Feedback

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...

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