ARTICLE · 29 JULY 2008

Finance Act 2008 - SDLT On Partnerships

CMS Cameron McKenna Nabarro Olswang

Explore more from CMS Cameron McKenna Nabarro Olswang

The Finance Bill received Royal Assent yesterday (21 July 2008). The new Act includes measures that mitigate the partnership provisions introduced in Finance Act 2007.

United KingdomTax

Richard Croker

Melville Rodrigues

The Finance Bill received Royal Assent yesterday (21 July 2008). The new Act includes measures that mitigate the partnership provisions introduced in Finance Act 2007. Up until Finance Act 2007 the commonly accepted SDLT position for partnerships was that changes of partnership interest without consideration would not be chargeable to SDLT. The Finance Act 2007 altered this by making any change in partnership interests chargeable, regardless of whether there was consideration. After intensive lobbying the Government accepted that the effect of those changes would be to unfairly impose SDLT on multiple occasions on funds that invested in property and then brought in investors after the property had been purchased. The Finance Act 2008 addresses these concerns.

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