Stamp Duty Land Tax Issues in Transfers of UK Oil and Gas Licences

In the past, the position on stamp duty in respect of transfers of oil and gas interests in the United Kingdom was complex but established. However, on December 1, 2003, UK stamp taxes were significantly overhauled. This article looks at the changes to the system introduced in 2003 and seeks to determine whether experience since that date has provided any answers regarding the operation of the new regime. The new rules relating to stamp duty land tax (SDLT) described below apply to transfers of UK petroleum licences completing after December 1, 2003, unless the contract was entered into before July 11, 2003.

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