|
|
Article: Stamp Duty: What is the Impact of the 2002 Changes on Real Estate Transactions?
- Article from:
- Mondaq Business Briefing
- Article date:
- August 7, 2002
CopyrightCOPYRIGHT 2002 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
In this article we outline the impact of the stamp duty anti-avoidance
measures in the Finance Act 2002, which came into force on 24 July 2002,
on common transactions in the real estate sector.
Purchase of land: VAT-inclusive price not more than [pound]10m
No change except that stamp duty penalties can no longer be deferred
by executing and retaining the documents offshore. A contract for the
sale of land where the price including VAT, does not exceed [pound]10m is not