Stamp Duty Land Tax Budget Changes

Included amongst the Budget Day Press releases was an announcement on the removal of SDLT charges where there is a transfer of an interest in a partnership, if the partnership property includes land.

This applies only to partnerships whose main activity is the carrying on of a trade (other than a trade of dealing in or developing land) or a profession.

The changes for partnerships whose main activity is the carrying on of a trade or profession are particularly welcome and an area where we have, through the Association of Partnership Practitioners and other bodies, been actively lobbying for a practical solution. The rules which accompanied the introduction of SDLT were devised to counteract avoidance schemes, but caught many other areas where a charge was either illogical or inappropriate.