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Chapter SDLTM29230

Document Cited authorities 4 Cited in Related
Vincent
Published date19 March 2016
Record NumberSDLTM29230
CourtHM Revenue & Customs
IssuerHM Revenue & Customs

When a failed institution is placed into resolution and a stabilisation power is exercised under the Banking Act 2009 (‘the Act’), section 66A Finance Act 2003 provides an exemption from Stamp Duty Land Tax (SDLT) on certain transfers of land effected under a property transfer order or a property transfer or resolution instrument, or a supplemental instrument made under such an instrument/ order, from the failed institution to the appointed resolution temporary holding entity, and on transfers of land to former creditors.

The SDLT exemption under FA86/S66A(1) does not apply to transfers in the following circumstances:

  • A property transfer instrument or order, or resolution instrument which effectively transfers the business of the failed institution (which includes land) direct to a third party purchaser following exercise of a private...

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