Q&As

How does SDLT apply to the transfer of legal title to a property (medical practice premises) for no consideration from some of the partners and retired partners of a medical partnership to further partners so that all current partners will own the legal title to the property in equal shares? The debt secured on the property exceeds £500,000.

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Published on LexisPSL on 22/06/2018

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

  • How does SDLT apply to the transfer of legal title to a property (medical practice premises) for no consideration from some of the partners and retired partners of a medical partnership to further partners so that all current partners will own the legal title to the property in equal shares? The debt secured on the property exceeds £500,000.

Special provisions apply to certain land transactions involving partnerships under Schedule 15 to the Finance Act 2003 (FA 2003). The rules are complex and it is important to consider the detailed legislation in full with the facts of the particular scenario. Other land transactions involving partnerships are subject to the same general stamp duty land tax (SDLT) rules as transactions by other taxpayers, with some additions to these rules to take account of the particular nature of partnerships.

The three forms of partnership recognised under UK law (general, limited and limited liability) are treated as partnerships for SDLT purposes, along with overseas firms and entities of similar character.

Chargeable interests are regarded as acquired, held and disposed of by the partners jointly rather than by the partn

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