We accept that there are a few articles in this publication on
SDLT, but given it is a property tax and, seemingly, very
misunderstood, it is worth highlighting some of the areas where,
without the right advice, you will end up overpaying tax.
The partnerships section of the SDLT legislation is notoriously
complicated. It includes formulae on how to calculate chargeable
consideration and uses such phrases as "relevant owners,
corresponding partners, and sum of lower proportions".
It's enough to require a cold flannel and a dark room.
To try to put it simply, where property comes into or out of a
partnership, the chargeable consideration is calculated by
reference to the percentage movement in ownership of the
property.
