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limited Liability Partnerships (“LLPs”) and stamp duties: changes to group relief.

16 November 2010

HM Revenue and Customs have recently announced that they are changing the way they treat LLPs in the context of group relief from stamp duty land tax and stamp duty. They say that after taking legal advice they will now treat an LLP as a “body corporate” in the context of these reliefs.

At first glance this looks positive, and may allow group relief from stamp duty land tax or stamp duty to be claimed in situations where it couldn’t have been before. But this change could also block these reliefs in situations where previously they may have been available.

So for example, anyone who owns real estate in a group structure involving an LLP should look carefully at the effects of this change before transferring property within the group. The change should also be factored in when setting up a new group structure. Maybe “ordinary” partnerships or Limited Partnerships will come back into fashion?

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