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On 1 December 2003 stamp duty on land transactions is being
replaced by Stamp Duty Land Tax (SDLT). Unlike stamp duty,
SDLT is a tax on transactions rather than on instruments.
It applies to transactions effected offshore as well as in
the UK. Under the new rules a number of well-known stamp duty
avoidance structures are being rendered ineffective and loopholes
closed. For the first time, purchasers will be legally obliged
to complete and lodge a land transaction return and to pay
the SDLT due in respect of a transaction. Penalities, interest
and possibly criminal sanctions will apply where returns are
incorrect or are not submitted in time. Perhaps the most controversial
aspect of the tax is the new lease duty.
For guidance or detailed advice contact:
Tarlochan
Lall
View our Stamp
Duty and Land Tax Powerpoint Slides
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