Q&As

Does the reference to 'contract' within section 44(10)(b) of the Finance Act 2003 cover an agreement which is not legally binding?

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Published on LexisPSL on 29/04/2016

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • Does the reference to 'contract' within section 44(10)(b) of the Finance Act 2003 cover an agreement which is not legally binding?

SDLT is a tax on land transactions (section 42(1) of the Finance Act 2003 (FA 2003)). A land transaction is an acquisition of a chargeable interest (FA 2003, s 43(1)). There are specific provisions which deal with when a charge to SDLT arises. A charge usually arises on completion but it may be earlier if the contract is 'substantially performed'. Practice Note: Land transactions, chargeable interests and chargeable transactions co

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