Under one article- Incorporation a partnership option 3 -sale in exchange for a loan account.
‘If the partners and the shareholders are the same people and hold the same interest in the property before and after incorporation, there should be no SDLT payable and no SDLT return required.’
My situation is exactly like this and am advising a trading partnership with commercial premises.
Whilst I am sure of the integrity of this tax website, I need to double check that no SDLT is applicable as I had thought this for for LLP’s and not normal partnerships. Or are LLP's for residential buy to let investors?
I would appreciate comments as I do not want to get this wrong.