Discusses the corporatisation of property and the impact of budget measures to close several major loopholes in stamp duty. Explains how the corporatisation of property developed and how a large number of property transactions became corporate transactions to make stamp duty savings. In addition, some recent transactions have seen property take on the role of a financial instrument such as the Junction Partnership between Capital and Regional and Morley Fund Management. Suggests that the corporatisation of property has prompted a change in the property psyche and forced property lawyers to think along corporate lines. Concludes that government's efforts to impose a new tax regime will change the current position and all approaches to stamp duty schemes will have to be rethought. However, it is likely that the industry will eventually come up with another loophole.