In the first of a series of articles Simon Howley considers what can be classed as consideration in kind for stamp duty land tax purposes, how to identify it and how it is valued.
In a simple land transaction, stamp duty land tax (SDLT) is charged on the money paid for the property by the purchaser. Chargeable consideration is any consideration in money or monies worth given. The consideration may be given:
- directly or indirectly; or
-
by the purchaser or a person connected with the purchaser.
The term ‘monies worth’ includes anything that is given in consideration that is not money but has a value that can be expressed as money, the value of which is taken to be the market value at completion. This can include gold, jewellery, artworks, cars, stocks and shares etc., which are all examples of items that are capable of being converted into money or capable of
