Part 2

Anti-avoidance and revenue protection

Stamp taxes

SDLT: partnerships
55
1
In section 75C of FA 2003 (SDLT anti-avoidance: supplemental)—
a
in subsection (8), omit paragraph (b) (and the “and” before it), and
b
after that subsection insert—
8A
Nothing in Part 3 of Schedule 15 applies to the notional transaction under section 75A.
2
The amendments made by subsection (1) have effect in relation to any notional transaction of which the effective date is on or after 24 March 2010.
3
But those amendments do not have effect in relation to a notional transaction if any scheme transaction is—
a
completed before that date,
b
effected in pursuance of a contract entered into and substantially performed before that date, or
c
effected in pursuance of a contract entered into before that date and not excluded by subsection (4).
4
A scheme transaction effected in pursuance of a contract entered into before 24 March 2010 is excluded by this subsection if—
a
there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after 24 March 2010,
b
the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or
c
it is a land transaction and on or after that date there is an assignment (or assignation), subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.