Exchanges of property between connected persons will no longer be treated as linked transactions in determining the rate of stamp duty land tax, the Budget notes have revealed.
The government has announced it will introduce legislation in the Finance Bill to amend the stamp duty land tax (SDLT) treatment of exchanges of property so where an exchange takes place between “connected persons” the two legs will not be treated as “linked” with each other for determining the rate of SDLT. This is likely to affect individuals who exchange property, especially those who are married or related to eachother. At present, the two legs are linked and this means the market values are aggregated and the rate of SDLT is that applicable to the aggregate. For example, if a pro...
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