Update: SDLT charities’ relief - .PDF file.
Following the recent Pollen Estate Court of Appeal decision, legislation has been introduced in the Finance Bill 2014 regarding the stamp duty land tax (SDLT) relief available to a charity where it purchases a property jointly with a non-charity purchaser.
The changes make it clear that: SDLT relief is available on a charity’s share of a property as long as the charity uses the ‘greater part’ of its share for a charitable purpose; the amount of SDLT relief is calculated with respect to the proportion of the overall purchase price paid by the charity or the proportion of the charity’s share in the property, whichever is lower; and SDLT is payable by the non-charity purchaser, on its share of the property only, at a rate determined by the combined price paid by the charity and the non-charity purchaser…
If you are registered and logged in to the site, click on the link below to read the rest of the Nabarro briefing. If not, please register or sign in with your details below