HMRC have released a policy paper, 'Capital Gains Tax: Allowing relief on disposals of joint interests in land and private residences for limited liability partnerships and Scottish partnerships'. This seeks to ensure that these entities can claim the same reliefs as other partnerships.

The policy paper, released on 20 July 2022, proposes that existing legislation is modified to ensure that the Exchanges of joint interests in land rollover-relief provisions can apply where the interests in land, or private residences, are held prior to the disposal by a: 

Under existing legislation, such relief is available to English partnerships. 

Draft legislation to correct the position for LLPs and Scottish partnerships has been published for inclusion in Finance Bill 2022-23. The amended legislation will have effect in relation to disposals made on or after Budget Day 2022. 

Useful guides on this topic

Rollover Relief: Exchanges of joint interests in land
This guide outlines the form of Capital Gains Tax (CGT) Rollover Relief available for exchanges of joint interests in land.

External links

Capital Gains Tax: Allowing relief on disposals of joint interests in land and private residences for limited liability partnerships and Scottish partnerships

Capital Gains Tax: Allowing relief on disposals of joint interests in land and private residences for limited liability partnerships and Scottish partnerships – draft legislation


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