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SIMON McKIE and SHARON ANSTEY of McKie & Co (Advisory Services) LLP show how the application of basic principles can put the brake on excessive stamp duty liabilities.
AFTER CARRYING ON a business in partnership for a number of years and sharing the profits equally, Mr A and Mr B wished to retire and had agreed to sell the business to their friend, Mr C, who was the client.
The balance sheet of the partnership included the assets as shown in Table 1 below.
SHARON ANSTEY LLB (Hons), solicitor, ATII, IAC, considers the effect of the Ramsay principle on stamp duty.
The Up and Coming Tax – II
Sharon Anstey concludes her stamp duty guide for the tax practitioner.
All rates of duty set out in this article are those which applied at the time of writing. SHARON ANSTEY plans to provide an update in a future issue to deal with any changes announced in the Budget.
Leases
Stamp duty is chargeable on a lease of land. There is no duty on a licence because it does not convey a right to exclusive possession. An agreement for a lease is charged to duty as if it were a lease.
Rates
The Up and Coming Tax – I
Sharon Anstey presents a stamp duty guide for the tax practitioner.
Stamp duty is, together with stamp duty reserve tax, projected in the current financial year to account for £7.2 billion which is more than the combined receipts of inheritance tax and capital gains tax.
