Semple Fraser expertise in JPUTs allows considerable savings for clients
Jersey Property Unit Trusts (JPUTs) have been a very popular way of holding and trading UK property as they can enable ownership of property to change without incurring Stamp Duty Land Tax (SDLT). This represented a significant saving for parties involved in the sale and purchase of properties.
Semple Fraser has built up considerable expertise in this area having been involved in over 15 JPUT transactions over the past 12 months, with an aggregate value in excess of £1.2bn.
Some of the recent deals that have taken the form of a JPUT include the purchase and subsequent sale of the St James Centre in Edinburgh (winner of Scottish Property Awards Deal of the Year), the Savoy Centre in Glasgow, the Arndale Centre in Leeds, The Sentinel building in Glasgow’s financial district, the Palace Grounds Retail Park in Hamilton, Fareham Shopping Centre, the Eastgate Centre in Inverness and the Cockhedge Shopping Centre and Retail Park in Warrington.
Following this year’s Budget, at a time when the government is trying to make tax avoidance increasingly difficult, the Chancellor abolished the SDLT tax relief that the JPUT scheme relied upon. However where a property is still in a unit trust, future transfer of units will still be free of tax.
For further information please contact: Alex Innes
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