Simon Yeo, stamp taxes specialist at KPMG said:
“New subsale rules have been introduced with retrospective effect to catch out those who have persisted with using schemes to avoid stamp duty land tax, usually on residential property.
“The new rules will apply from 21 March last year and those affected will have until 30 September this year to pay up with interest. This should not come as a surprise, given the Chancellor’s warning in the last Budget of his intention to introduce such a measure, and it clearly shows we are well within in the dying days of mass-marketed stamp duty land tax avoidance schemes.
“These retrospective rules will be superseded this summer by a full rewrite of the subsale rules, again largely to counter avoidance, which has been under consultation.”
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.