The following Tax guidance note Produced in partnership with Kevin Griffin provides comprehensive and up to date legal information covering:
This Practice Note gives details of stamp duty land tax (SDLT) anti-avoidance rules and SDLT reliefs which apply specifically to transactions of partnerships.
This Practice Note explains:
how anti-avoidance rules of general application may apply to partnerships
what additional anti-avoidance rules apply to partnership transactions, and
how general reliefs apply to partnership transactions
In general, SDLT anti-avoidance rules and reliefs apply to partnerships as they would apply to the constituent partners. However, there are some modifications to the general provisions and some additional rules specifically directed at partnerships which are summarised below:
the rules which apply to transfers of interests in property investment partnerships are essentially anti-avoidance measures
if a chargeable interest is transferred from a corporate partnership to one of the partners, the normal treatment may be replaced by a requirement to claim group relief to remove the SDLT charge, and
the withdrawal of value from a partnership by a partner may give rise to an SDLT charge if it occurs within three years of transfer of a chargeable interest to the partnership by a partner or connected person
In addition, the SDLT regime includes general anti-avoidance provisions, plus there is the general anti-abuse rule (GAAR) which applies to most UK taxes including SDLT.
The rules relating to special partnership transactions for SDLT purposes are set out in Part 3 of Schedule 15 to
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