Companies have been warned any attempt to abuse a late government U-turn on stamp duty on assets transferred out of subsidiaries leaving a group will result in a rapid crackdown, write our parliamentary staff.
Economic Secretary Melanie Johnson announced the exemption as the Commons completed proceedings on the Finance Bill – due to receive Royal Assent and becomes law this week. The Bill – the longest ever, has expanded from 558 pages to 572 because of ‘improvements’ agreed in committee or in report.
Paymaster general Dawn Primarolo said the government will ‘continue to support the tax law re-write’. She said the Treasury had to tackle ‘the tax planning industry’.
Johnson announced the concession after introducing a series of amendments backdating relief for local authorities to social landlords.
There is also an exemption for independent corporate trustees involved in the transfer of land and buildings to a connected company.
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