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Budget 2008: discussion forum
Practical Law UK Practice Note 4-380-8907 (Approx. 5 pages)
Budget 2008: discussion forum
| Law stated as at 13 Mar 2008 |
A forum for commenting on and discussing the Budget 2008. We have suggested some possible topics. Please post your questions or comments.
How to post a comment or ask a question in an existing thread
To post a comment or pose a question for discussion in an existing thread, please click on any of the Comment on this item links and fill in the form or send your comment or question by e-mail to PLC Tax.
All comments and questions are subject to editorial review, and so will not appear on the forum immediately. Please indicate if you wish to remain anonymous.
How to start a new thread
To start a new thread, please click on Start a new thread and fill in the form or send your comment or question by e-mail to PLC Tax.
All comments and questions are subject to editorial review, and so will not appear on the forum immediately. Please indicate if you wish to remain anonymous.
SDLT: have SDLT 60s been abolished?
(Thread created on 14 March 2008)
Comments
PLC Tax (14 March 2008): It appears from the 2008 Budget that the requirement to submit a form SDLT 60 has been abolished for transactions with an effective date falling on or after 12 March 2008. This is, however, unclear, because of other proposed changes in the 2008 Budget that refer to SDLT 60s (see Legal update, 2008 Budget: Have SDLT 60s been abolished? (Full update))
Andrew Campbell, Clarke Willmott (17 March 2008):
It seems that District Land Registries have today been given instructions that applications to register the following no longer need either a revenue certificate (SDLT5) or a self-certificate (SDLT60).
An acquisition (other than the grant, assignment or surrender of a lease) where the chargeable consideration for that acquisition (together with any linked transaction) is less than £40,000. This includes, for example, transfers of freehold land, deeds of gift and deeds of grant of easements.
The grant of a lease for 7 years or more where:
- the premium is less than £40,000 or
- the annual rent is less than £1,000.
The assignment or surrender of a lease where:
- the lease was originally granted for a term of 7 years or more; and
- the consideration for the assignment or surrender, other than any rent, is less than £40,000; or
- the rent is less than £1,000.
The grant, assignment or surrender of a lease for a term of less than 7 years where the premium does not exceed the zero-rate threshold, i.e. £125,000 for residential properties and £150,000 for commercial properties.
Useful deregulation but not in accordance with what the Budget alterations to s79 FA2003 provide!
PLC Tax (27 March 2008):
It is now clear that SDLT 60s have been abolished, with effect from 12 March 2008. This was confirmed in clause 91 and Schedule 30 to the Finance Bill 2008, published on 27 March 2008. For more information, see clause 91 of the Finance Bill 2008 (Volume 1): first version, ordered to be printed on 18 March 2008 and Schedule 30 to the Finance Bill 2008 (Volume 2): first version, ordered to be printed on 18 March 2008.
What do you think?
Comment on this item or e-mail to PLC Tax.
Capital gains tax reform and entrepreneurs' relief
(Thread created on 13 March 2008)
Comments
PLC Tax (13 March 2008): Has the chancellor left any loose ends here? What problems are there with the entrepreneurs' relief rules? Is there still a place for non-qualifying corporate bond loan notes? Comment on this item or e-mail to PLC Tax.
Principles-based approach to financial products avoidance
(Thread created on 13 March 2008)
Comments
PLC Tax (13 March 2008): It had been expected that the principles-based approach would be deferred. Is it possible or desirable to fashion a robust principles-based rule in this area or is targeted anti-avoidance legislation preferable and/or the only workable solution? Comment on this item or e-mail to PLC Tax.