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UK stamp taxes and groups in distress

Speed read
The UK stamp tax implications of covid-19 extend beyond the stamp tax holidays for residential property. Many groups facing liquidity constraints have been rationalising the group, restructuring debts and accelerating disposals of non-core assets. All of this activity potentially involves transferring UK securities or UK real estate interests, so any stamp duty, SDRT and real estate transfer taxes (RETT) implications should be considered. This article introduces some of the RETT issues associated with lease restructuring and the impact of liquidation on RETT group relief; the role stamp duty plays in out-of-court reorganisations and court-sanctioned schemes and restructuring plans; and the potential impact of corporate action from an institutional investor perspective.

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