| Commentary

30.4 Stamp duty and SDLT groups

| Commentary

30.4 Stamp duty and SDLT groups

Under the Finance Act 1930 Section 42, there is no stamp duty on the transfer on sale between two associated companies, namely when one is the parent of the other or another company is the parent of each of the companies, with one company being the parent of another if it:

  1. 30.4.1

        is the beneficial owner of not less than 75% of the ordinary share capital of the subsidiary,

  2. 30.4.2

        is beneficially entitled to not less than 75% of profits available on distribution to equity holders of the subsidiary and

  3. 30.4.3

        would be beneficially

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