The following Tax practice note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19) impact on stamp duty process: During the coronavirus outbreak, the Stamp Office is temporarily only accepting electronic versions of instruments of transfer and/or claims for relief from stamp duty and, where stamp duty is due, only accepting electronic transfer of funds (not cheques). For more information, see Practice Note: Coronavirus (COVID-19)—tax implications—Stamp taxes. The Chartered Institute of Taxation and the Stamp Taxes Practitioners’ Group have also published comments (dated 18 June 2020 but published on 2 July 2020) providing feedback on the temporary processes for stamp taxes adopted during the coronavirus lockdown and raising uncertainties arising as a result of the temporary processes, such as whether the temporary process for stamping constitutes ‘duly stamped’ and therefore franks the SDRT charge that would otherwise apply and whether formal adjudication can occur despite the document not being impressed with an adjudication stamp.
Relief from stamp duty can be claimed in respect of documents effecting:
transactions between companies in the same group under section 42 of the Finance Act 1930 (FA 1930)—this relief is known as ‘intra-group relief’ or ‘stamp duty group relief’, and
certain reorganisations which satisfy the conditions set out in either section 75 or section 77 of the Finance Act 1986 (FA 1986)—these reliefs are known as ‘reconstruction relief’ and ‘acquisition relief’, respectively
These reliefs are outlined in this Practice Note. A successful claim
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