Tom Lumsden, a partner at CooperBurnett LLP, discusses stamp duty land tax (SDLT), which is payable on the purchase of UK land as well as on the creation, release, surrender or variation of a chargeable UK land interest
Stamp duty land tax (SDLT) is a very complicated tax, far more so than the old stamp duty that it replaced. Whereas stamp duty was payable on a document, usually a conveyance or a lease, SDLT is payable on a property transaction. Perhaps unsurprisingly, one of the outcomes of SDLT replacing stamp duty was a significant increase in the amount of revenue received by HMRC.
SDLT is payable not only on the normal purchase of UK land, but also on the creation, release, surrender or variation of a chargeable UK land interest. Special rules apply on the grant of a lease.
SDLT would also be charged on the value of any fixtures substantially attached to the land and the landlord. This could include, for example, lifts, furnaces or walk-in refrigerators. Things that retain their character as chattels or moveable items such as furniture or carpets are not subject to SDLT.
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