A solution to the question how to achieve same-day registration of title under the stamp duty land tax regime has been agreed with the Inland Revenue
The Tax Law Committee has continued to liaise with the Inland Revenue over the procedures involved in the new Stamp Duty Land Tax regime, due to come into effect on 1st December 2003. The Society had identified an issue with the proposals that would prevent same day registration of title, which can be a necessity in some property transactions. Isobel d’Inverno, Convener of the Tax Law Committee, along with other members of the Committee and Professor Stewart Brymer, Convener of the Conveyancing Committee, met with senior representatives from the Inland Revenue on 14th August. A solution to the issue was agreed and will be in place for the implementation date of the new tax regime.
Please see the article in this issue of the Journal by Alan Barr for further details of the Stamp Duty Land Tax regime.