Overview

This briefing by Burges Salmon provides an in-depth review of the stamp tax provisions laid out in The Finance Act 2010.

The Act contains five sections dealing with stamp taxes. Slightly oddly, these are grouped in three areas of the Act. Sections six and seven deal with SDLT and sections 54 and 55 address SDRT on both the introduction of securities into clearance systems and SDLT on partnerships while section 65 deals with stamp taxes affecting clearing house.

Many observers would deem this an unhelpful way of grouping things if someone is simply flicking through to see what has been enacted this year. Nonetheless, of these, four appear to be reasonably effective and uncontroversial and are drafted in such a way as to achieve the aims sets out in the Bill’s explanatory notes.

The odd man out is section 55, which this briefing will address in more detail later. Equally importantly, though, are the changes to the DOTAS regime for SDLT (effective from 1 April 2010) and the draft legislation, which affects tax agents.

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