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SDLT & Nominations

Patrick Cannon takes a look at Nominations one of the most obscure provisions in the SDLT code
When SDLT was introduced in December 2003 many builders and developers found themselves potentially liable for stamp tax for the first time. Under the old stamp duty regime they had been able to take advantage of stamp duty sub-sale relief by not taking a conveyance of the development site and directing the owner to convey the completed building or new homes to the occupier or investor. Under the modified form of sub-sale relief available in SDLT the fact that the builder or developer has to go into possession of the site and substantially perform the contract with the landowner has been sufficient to prevent SDLT sub-sale relief from applying. This has resulted in SDLT arising on...

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