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HMRC internal manual

Stamp Duty Land Tax Manual

Reliefs: Alternative property finance

Land sold to a financial institution and individual in common: Scotland: The firsttransaction FA03/S72A(2)

Relief from stamp duty land tax on the first transaction, the purchase of a majorinterest in land by the financial institution and individual as owners in common, may beclaimed by the financial institution if the vendor is

  • the individual who enters into the arrangements - the first case
  • another financial institution by whom the interest was acquired under arrangements of the kind mentioned at SDLTM28310 entered into between it and the individual - the second case

Thus, in the first case, the individual may

  • obtain finance against a property owned by them
  • set up a new arrangement with their existing financial institution

In the second case the individual may change lenders. The second case also allowsfinancial institutions to transfer title between themselves where the individual is notinvolved.