SDLT

The rates for Scotland’s land and buildings transaction tax (LBTT) have been announced.

Details of the tax – the first to be introduced by Scottish parliament in 300 years – were unveiled in Scotland’s draft Budget for 2015/16.

The government is looking at whether changes should be made to the way property authorised investment funds (PAIFs) and co-ownership authorised contractual schemes (CoACSs) are treated for stamp duty land tax (SDLT) purposes.

HM Treasury has launched a consultation, Stamp Duty Land Tax: Rules for Property Investment Funds, which sets out proposals and how they ought to be implemented, and seeks views on the potential design.

Looking ahead to Scotland’s land and buildings transaction tax

Portland Gas Storage Ltd v CRC, Upper Tribunal (Tax and Chancery Chamber)

Explaining the 15% SDLT charge now the property threshold is down to £500,000

Mr and Mrs B (TC3395)

By John Feaster; £68.50; third edition; paperback; 246 pages; Claritax Books

FA 2013 changes to solve inheritance tax problems can cause unexpected stamp duty liabilities

A business is owned by a father and his two sons and operates from land owned equally by them and shown as a partnership asset. The father intends to retire, but wishes to keep his share of the land. One son will then purchase the other’s share