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HMRC internal manual

Stamp Duty Land Tax Manual

From
HM Revenue & Customs
Updated
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Section 75A Finance Act 2003, scheme transactions: Section 75A Finance Act 2003, Scheme transactions

The term ‘transaction’ includes:

  • a transaction which is not a land transaction
  • an agreement, offer or undertaking not to take specified action
  • any kind of arrangement whether or not it could otherwise be described as a transaction
  • a transaction which takes place after the acquisition by P of the chargeable interest

S.75A (3) gives some examples of what may be considered a scheme transaction:

  • the acquisition by P of a lease deriving from a freehold owned or formerly owned by V
  • a sub-sale to a third person
  • the grant of a lease to a third person subject to a right to terminate
  • the exercise of a right to terminate a lease or to take some other action
  • an agreement not to exercise a right to terminate a lease or to take some other action
  • the variation of a right to terminate a lease or to take some other action

This is not an exhaustive list of transactions to which s.75A applies.