The Stamp Duty Land Tax Handbook (2nd edition)
ISBN: 978-0728205253
The first edition of this book was triggered by a series of half-day conferences taken by Chris Hart and Tony Johnson (who passed away in August 2007) that were run when SDLT was first introduced. The book was prompted by the number of questions that were then raised and it seeks to deal with a number of those issues. Both Hart and Johnson's backgrounds were as chartered surveyors and valuers, and consequently the language adopted in this publication is easily digestible and relatively simple to understand.
The book initially sets out some very useful definitions for SDLT purposes and clarifies when a liability to pay this tax arises. It also highlights the differences between residential and non-residential property and how this impacts on SDLT.
There are two chapters focusing on matters arising in leasehold transactions and these cover many typical scenarios that might be encountered in practice. The book also deals well with issues such as uncertain or unascertained rents and holding over. Where appropriate, worked examples are included helping to highlight what needs to be taken into consideration in calculating the SDLT payable.
The handbook includes separate chapters considering the VAT issues that are relevant and also how partnership issues are covered, as well as a chapter setting out exactly how a valuer ascertains the market value for SDLT purposes.
Administrative issues in SDLT are also included in some detail making the handbook a truly practical publication. Matters such as the requirement for a land transaction return, the deferral of SDLT, which forms should be used and the powers bestowed on HMRC are addressed. How to appeal and claim back overpayments are also covered.
There are clear headings and sub-headings which enable the reader to locate relevant information quickly. It would serve as a useful book to have to hand when needing to check the detail on a particular SDLT point.
It would particularly be of benefit to a non-tax property practitioner needing to know how the SDLT legislation works in practice.