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21 November 2017
Is SDLT payable on a transfer of property to shareholder’s spouse?
Mr A owns all the shares in X Co. The issue is whether the market value rule will apply if X Co transfers a property to his wife Mrs A. It has been put to me that it will because under CTA 2010 s 1123(1) one applies the rules pertaining to ‘control’ in CTA 2010 s 450 and s 451 and tracing the rules through we find that Mr A’s control is to be attributed to Mrs A. On this basis s 1122(3) applies and the transfer will be to a connected person.
However I am not entirely sure this is right. I make these points.
- Section 1123(1) provides that in s 1122 and s 1123 ‘control’ is to be read in accordance with s 450 and s 451 (except where otherwise indicated).
- Section...
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