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HMRC have launched a consultation on their proposals for a relief from stamp duty land tax for commercial sukuk.
It was announced at Budget 2008 that the Government would be seeking comments on the form of a relief to be provided to offset stamp duty land tax consequences arising on the issuance of a commercial sukuk.
The consultation document provides an overview of the particular difficulties faced by the alternative finance industry and details the measures the Government has introduced in order to provide a level playing field to alternative finance products.
It also sets out the proposed legislative framework under which commercial sukuk issuance could be introduced in the UK.
HMRC would be interested in views on the specific questions raised in this consultation document, in particular:
- Whether the relief meets the requirements of industry.
- What additional costs, if any, may arise as a result of complying with the requirements of the relief.
- Whether the proposed relief is sufficiently flexible for future development of the market.
Responses should be sent by 18 August 2008 by e-mail if possible to yasmin.ali@hmrc.gsi.gov.uk, or by post to Yasmin Ali, Stamp Taxes, Room 1/38, HMRC, 100 Parliament Street, London SW1A 2BQ.
