It is proposed to amend the disclosure regime for SDLT from 24 September 2012. HM Revenue & Customs has published draft legislation setting out the proposed amendments. Two sets of regulations are involved.
The first set (regarding the 'Prescribed Descriptions of Arrangements'), will amend existing regulations in three ways which will:
The second set of regulations (regarding 'Specified Proposals or Arrangements') will modify how section 308 of the Finance Act 2004 applies in certain circumstances. This will mean that that if a promoter made a disclosure before April 2010 of certain arrangements involving the 'transfer of rights' legislation, they will have to make one further disclosure if they are still making those arrangements available.
The policy objective was explained in the Tax Impact Information Note published on 6 December 2011 which can be viewed by following the link below.
Stamp Duty Land Tax: Disclosure of Tax Avoidance Schemes (PDF, 39K)
Please send any questions or comments on the technical accuracy of the draft regulations to budget2012.stamptaxes@hmrc.gsi.gov.uk or call on Tel 020 7147 2788 by 20 August 2012.
