Practical stamp

MATTHEW HUTTON summarises some practical stamp duty and stamp duty land tax points arising in trusts and estates.

THE ADVENT OF stamp duty land tax on 1 December 2003 has caused even more trouble than was foreseen at the time. For an example see Patrick Cannon's recent article on SDLT issues for partnerships ' A wing and some layers ' Taxation 10 March 2005 page 574. However the continuing impact of stamp duty and indeed stamp duty reserve tax must not be forgotten. If personal representatives perhaps rather unusually or trustees were to buy shares or land for value stamp duty and SDLT as appropriate would apply as they do in the case of any other purchaser. But that is not the end of the matter. Stamp duty and in particular SDLT can crop up in unexpected places. This article...