Stamp Duty Land Tax avoidance disclosure rules
New regulations come into effect on 1 April 2010 which amend the disclosure rules for Stamp Duty Land Tax (SDLT) avoidance schemes.
The Stamp Duty Land Tax Avoidance Schemes Regulations are being amended so that schemes involving the following will become disclosable:
- Non-residential property with an aggregate value of at least £5 million or
- Residential property with an aggregate value of at least £1 million.
The rules will also apply to schemes that concern mixed non-residential and residential property where either:
- The value of the residential property is at least £1 million or
- The value of all the property is at least £5 million.
The amended regulations contain a “grandfathering” rule that will exempt from disclosure any scheme of the same, or substantially the same, description as a scheme that was first made available for implementation by any person before the date the changes come into force.