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ARTICLE · 19 OCTOBER 2002

Recent Changes to UK Real Estate Law

Jones Day
Jones Day
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United KingdomReal Estate and Construction
Linda Fletcher
Linda Fletcher
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Stamp Duty

As widely expected by the property industry, the Chancellor's budget on 17 April 2002 closed various loopholes widely used to avoid paying stamp duty at rates of up to 4% on real estate. A major reform of the UK stamp duty regime, including further anti-avoidance measures, was also announced for which detailed consultation will take place later this year.
One of the most commonly used avoidance routes in the market, which was closed (with effect for documents executed on or after 24 July 2002) is to leave the sale of real estate "resting on contract" – i.e., contracts are exchanged but never completed. The new legislation will however only apply to real estate with a value in excess of £10 million.

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