In its final report on proposals for reforming the paper certification of stamp duty on share transactions, the OTS has recommended making stamp duty a fully digitised assessable tax, with the territorial scope aligned more closely with stamp duty reserve tax (SDRT) to exclude non-UK shares.
The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 received royal assent on 24 May. Land Transaction Tax will replace SDLT in Wales from April 2018.
The Welsh government has indicated that rates and bands for the new tax will be announced by October 2017.
The Scottish government has made the draft Land and Buildings Transaction Tax (Additional Amount-Second Homes Main Residence Relief) (Scotland) Order 2017, to ensure that relief is available as intended from the land and buildings transaction tax supplement on additional residential properties fo
This report, by the Lexis®PSL Tax, Private Client and Pensions teams, highlights the key provisions in the 2017 Finance Bill, published on 20 March, that have not been previously published in draft, or which have been published with significant amendments since the last draft.
The government confirmed at Spring Budget 2017 its decision to postpone the proposed reduction of the SDLT filing and payment window from 30 days to 14 days until 2018/19. HMRC consulted between August and October 2016 on introducing the change from 2017/18.
The Office of Tax Simplification has completed the first phase of its work on the review of stamp duty on paper share transactions and has published its interim report. The report describes the progress made following a first round of interviews and outlines two proposed options:
HMRC’s counter avoidance directorate collected £92m from investigations targeting SDLT avoidance schemes during 2015/16, according to law firm Collyer Bristow. This is down from the £301.2m collected over the previous year.
The Annual Tax on Enveloped Dwellings (Indexation of Annual Chargeable Amounts) (No 2) Order, SI 2016/1244, gives effect to the indexation of the annual chargeable amounts for the chargeable period 1 April 2017 to 31 March 2018.
The Office of Tax Simplification (OTS) has published the terms of reference for its two latest reviews, announced at the Autumn Statement, covering stamp duty on paper share transactions and VAT.
For the review of stamp duty, the OTS will consider:
Michael Collins (Temple Tax Chambers) looks at the unfortunate consequences of new FA 1986 s 77A for share-for-share exchanges in advance of company reorganisations.