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Finance Act 2010

Details of the Section

2.Subsection (1)(a) repeals section 75C(8)(b) of the Finance Act (FA) 2003 which currently reduces the applicability of the SDLT anti-avoidance rule (section 75A of FA 2003) to partnership transactions.

3.Subsection (1)(b) inserts new section 75C(8A) in FA 2003. This new subsection provides that the provisions of Part 3 of Schedule 15 to FA 2003 (the special SDLT partnerships rules) do not apply to a “notional transaction” created by section 75A of FA 2003.

4.Subsection (2) gives effect to the amendments (subject to subsections (3) and (4)) in relation to notional transactions with an effective date on or after 24 March 2010.

5.Subsections (3) and (4) are transitional provisions. They provide, broadly, that the old rules apply to notional transactions where any of the “scheme transactions” is entered into before 24 March 2010.

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