A contact of mine has been told that a month ago the SDLT rules relating to lifetime trusts changed.
Historically if a client owned their PPR in a lifetime trust, sold it within the trust and purchased a new PPR, they wouldn’t pay the higher rate of stamp duty if the trust was an IIP.
Apparently this had changed a month ago and no conveyancer I know is sure whether this is correct or not.
Any ideas anyone?
Not sure to what your contact is referring. I am aware of an HMRC response dated March 2023 in response to queries raised by STEP on “first time buyer relief”; but don’t think it says what your contact appears to be suggesting.
Malcolm Finney
Thanks @MalcFinney
Basically a conveyancing solicitor had scared her into thinking the rules had changed regarding the relief where the purchasing trust carries with it an IIP for the settlor. Since posting on the TDF, I’ve found some source material which she has put to her conveyancing solicitor and he’s backed down. Also, my contact tried the SDLT calculator on HMRC’s website which isn’t overly helpful!