Certain reliefs, including from SDLT, are available when buying land or buildings in a freeport tax site.
HMRC have updated their guidance to make it clear that the SDLT freeport reliefs do not apply in Scotland or Wales, where different taxes apply rather than SDLT. Specifically, the amended guidance now includes the following wording:
“If you’re buying land or buildings in a Freeport tax site in:
- Scotland ― the Scottish Government plan to offer Land and Building Transaction Tax (LBTT) relief, subject to legislation agreement
- Wales ― the Welsh Government plan to offer Land Transaction Tax (LTT) relief, subject to legislation agreement
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Related content from Claritax Books
Stamp Duty Land Tax is a well-written, user-friendly guide to the complexities of SDLT, written for accountants, solicitors and other tax professionals, with plenty of worked examples. Topics covered include basic principles, leasehold transactions, partnerships, trusts, reliefs, anti-avoidance legislation and recent tribunal decisions. Full reference is made throughout to relevant legislation, case law and guidance from HMRC.