Disclosure of Stamp Duty Land Tax SDLT Schemes
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Issued 25th Feb 2010
The Pre-Budget Report 2009 announced that regulations would be introduced to
extend the Tax Avoidance Disclosure Regime to require the disclosure of certain
Stamp Duty Land Tax concerning residential property with a value of at least £1
million. It also announced that users of all disclosed Stamp Duty Land Tax
schemes, for both commercial property and residential property schemes, will be
required to report the use of the scheme back to HM Revenue & Customs (HMRC).
Regulations implementing these changes will come into effect on 1 April
2010 and will be published when available on the Office of Public
Sector Information (Opsi) website.
The Stamp
Duty Land Tax Avoidance Schemes (Prescribed Descriptions of Arrangements)
(Amendment) Regulations 2010 (SI 2010/409) (PDF ) (Opens new window)
prescribe the descriptions of schemes that must be disclosed.
The
Avoidance Schemes (Information) (Amendment) Regulations 2010 (SI 2010/410)
(PDF ) (Opens new window) prescribe the information that must be provided to
HMRC by persons who have used a disclosed Stamp Duty Land Tax avoidance scheme
and the period within which that information is to be provided.
Guidance on
the Disclosure of Tax Avoidance Schemes (PDF 292K) is now published
alongside these regulations.
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© Crown Copyright 2010.
A licence is needed to reproduce this article and has been republished for
educational / informational purposes only. Article reproduced by permission of
HM Revenue & Customs under the terms of a Click-Use Licence. Tax briefs are
updated regularly and may be out of date at time of reading.
