Budget: 'Seeding relief' from Stamp Duty withdrawn

Documents released by HM Revenue & Customs state that as of 2pm today: “There will now be a stamp duty land tax charge on the transfer of property into a unit trust in consideration of the issue of units, by reference to the market value of the land and buildings transferred” Seeding relief gives relief from Stamp Duty when property is transferred into a newly formed unit trust in consideration of the issue of units. Section 64A of the Finance Act, 2003 currently gives relief where property is transferred to the trustees of a unit trust scheme in consideration of the issue of units, prov...