Stamp duty land tax (SDLT) was introduced nearly 10 years ago with the intention of tackling, in the government’s view, the widespread avoidance of stamp duty. SDLT was to be a robust new tax to stop stamp duty avoidance.
However, this proved not to be the case. Regular changes to the SDLT legislation to address avoidance; new obligations to disclose tax planning to HMRC before implementation; and, more recently, a series of successful challenges to schemes in the courts have failed to clamp down on avoidance.
In this publication, Squire Sanders partner Mark Simpson explains how the Finance Act will alter the rules on SDLT, partly motivated by a desire to block avoidance schemes that attempt to exploit the existing subsale law.
This article first appeared in Estates Gazette in July 2013.