This Q&A assumes that the shares to be valued are in a private company. The basic rule is that the market value of unquoted shares or securities is the price which those assets might reasonably be expected to fetch on a sale in the open market between a hypothetical willing seller and a hypothetical willing buyer. The transaction is assumed to take place in the open market based on information which is available in the public domain, including published information and matters of genuine public knowledge. (see: HMRC Capital Gains Manual: CG59540) In these circumstances,

Please see below a link to the Practice Note and relevant page in HMRC’s stamp duty land manual which discuss the conditions which must satisfied in order for relief to be available under section 71 of the Finance Act 2003 (FA 2003): • Practice Note: SDLT—reliefs for public and social purposes • HMRC stamp duty land tax manual: SDLTM27500 This Q&A assumes that the reference to ‘Right-to-Buy funding’ is a reference to retained additional ‘Right to Buy’ receipts which local authorities are permitted to retain pursuant to entering into an agreement with the Secretary of State under the section 11(6) of the Local Government

This Q&A assumes that the landlord is not acquiring anything in exchange for transferring the freehold interest. Stamp duty land tax (SDLT) is charged on chargeable land transactions. A land transaction is an acquisition of a chargeable interest (section 43 of the Finance Act 2003 (FA 2003)). An acquisition of a chargeable interest includes an acquisition of an interest by any person whose interest or right is benefitted or enlarged by the transaction

As a general rule, stamp duty land tax (SDLT) is charged by reference to the chargeable consideration given for the subject matter of the transaction. A charge by reference to the market value of the property can be imposed in certain circumstances. One of these circumstances is where there is an exchange of land. An exchange occurs where one or more land transactions

Special provisions apply to certain land transactions involving partnerships under Schedule 15 to the Finance Act 2003 (FA 2003). 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. When a partner retires from a partnership, the other remaining partners acquire an increased share in the partnership. This is treated as a transfer of an interest in a partnership for SDLT purposes

SDLT on residential lease SDLT arises on chargeable land transactions, so you will need to assess whether any of the proposed transactions are chargeable transactions. Please see Practice Note: Land transactions, chargeable interests and chargeable transactions, which explains these

The stamp duty land tax (SDLT) rules that can apply when a tenant holds over a lease are complex. In particular, the rules have been amended since SDLT was first introduced in 2003 and different rules can apply to particular scenarios with different results. The particular rules which apply will depend on, among other considerations: • whether the original lease was a stamp duty or SDLT lease • when the original lease was granted and terminated, and • when any new lease is granted The rules are contained in Schedule 17A to the Finance Act 2003 (FA 2003). FA 2003, Sch 17A, para 3 FA 2003, Sch 17A, para 3 applies to leases which continue after a fixed term. As a general rule the tenant has an obligation to recalculate the SDLT due on the lease as if the lease was a fixed term lease for its original term plus one year and pay any additional SDLT to HMRC.

SDLT is a tax on land transactions (section 42 of the Finance Act 2003 (FA 2003)). A land transaction is defined as an acquisition of a chargeable interest (FA 2003, s 43(1)). A chargeable interest is defined in FA 2003, s 48 as: • an estate, interest, right or power in or over land in the UK, or • the benefit of an obligation, restriction or condition affecting the value of any such estate, interest right or power other than 'exempt interests' For

Stamp duty land tax (SDLT) applies to chargeable land transactions. A land transaction is the acquisition of a chargeable interest. A chargeable interest is an estate, right or power in or over land in England or Northern Ireland or the benefit of an obligation, restriction or condition affecting the value of any such estate, interest right or power other than an exempt interest. A leasehold interest

Practice Note: Land transactions, chargeable interests and chargeable transactions explains that transactions which are exempt from charge to SDLT are set out in FA 2003, Sch 3 and include land transactions where there is no chargeable consideration. Therefore, if there is no chargeable consideration for the appointment out

The stamp duty land tax (SDLT) provisions are set out in Part 4 of the Finance Act 2003 (FA 2003). FA 2003, s 42 provides that SDLT shall be charged on land transactions. A land transaction is defined as the acquisition of a chargeable interest. A chargeable interest is

Testamentary options A testamentary option arises when a person, by his will, directs that a beneficiary should have the option of purchasing property forming part of the estate. As explained in Talbot v Talbot [1968] Ch 1, upon exercise of that right the beneficiary enters into a contract with the executors. Williams on Wills Precedents notes at para 209.1 that: Testamentary options are a peculiarity. The gift of an option to acquire property at its market value is not really a gift at all and might be described as