Does SDLT apply to the transfer of a property out of a partnership?

[Jupiter Button]

This issue also arises in some very ordinary situations, for example:

Husband owns property entirely; Husband forms LLP with wife as equal partners and transfers property into LLP; No SDLT charge on transfer under para 10; Wife leaves LLP and her interest transfers to Husband; Husband charged to SDLT on half of market value of property under para 14; Husband then decides to hold the property in his own name and wind up the LLP; SDLT charge on market value of property under 18.

Overall SDLT is paid on 150% of market value of property!!

[Jupiter Button]

looks like this may not be an issue to prompt a discussion

[Author]

Posts