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HMRC internal manual

Stamp Duty Land Tax Manual

Section 75A Finance Act 2003, other provisions

Other provisions

  • A transfer of shares or securities - or units in a unit trust scheme - is ignored for the purposes of s.75A if it would otherwise be the first of a series of scheme transactions (and several such transfers are likewise ignored if they all precede any other scheme transaction).
  • The notional transaction attracts any relief which it would attract if it were an actual land transaction.


  1. V sells land to X and at the same time and simultaneously X sells to P. V, X and P are all companies within the same group. The notional transaction involved is V-P but, provided the conditions for group relief at Schedule 7 of FA 2003 are met, Group Relief will apply to the notional transaction.
  2. V sells land to X and at the same time and simultaneously X sells to P, which is a registered charity. The notional transaction involved is V-P; but, provided the conditions for Charities relief at Schedule 8 of FA 2003 are met, P can claim Charities relief which will apply to the notional transaction and no Stamp Duty Land Tax will be due.
  3. Section 75A does not apply where the relief is available only by reason of sections 71A to 73 (alternative property finance) or a provision in Schedule 9 (right to buy, shared ownership leases, etc.)
  4. If any of the scheme transactions is entered into for the purposes of, or in connection with, the transfer of an undertaking or part of an undertaking for the purposes of paragraphs 7 or 8 of Schedule 7 (reconstruction and acquisition relief) then the notional transaction is also deemed to be entered into for such purposes or in such connection. This enables the notional transaction to qualify for reconstruction or acquisition relief if the other conditions for relief are satisfied.
  5. The notional transaction will be subject to the market value rule in s53 if P is a company connected with V.
  6. Where applicable s.75A will charge consideration to tax regardless of the s45 position including any amount paid as a deposit.
  7. If part of the consideration for the notional transaction is a land transaction entered into by V as purchaser, or by P as vendor, then the market value rules in paragraph 5 of Schedule 4 will apply.
  8. An interest in a property investment partnership is treated as a chargeable interest for the purposes of s.75A.
  9. Where V or P is a partnership the provisions in Part 3 of Schedule 15 apply as they would to the transfer of a chargeable interest into or out of a partnership for all transactions with an effective date before 24 March 2010.
  10. But for transactions where the effective date is 24 March 2010 or later, s.75C(8)(b) no longer applies to treat the notional transaction between V and P as a transaction involving a partnership under Schedule 15. The normal rules under s75A will apply to ascertain the chargeable consideration on such transactions.