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A tax tribunal has struck down a Stamp Duty Land Tax (SDLT) saving scheme, which used a combination of an unlimited company as the intermediate purchaser and a distribution in specie of the property by the company to the end purchaser.
The Tribunal’s main grounds were (i) the distribution in specie had been unlawful under the Companies Act, and (ii) applying a purposive interpretation of the SDLT sub sale relief legislation at s45(3) Finance Act 2003, as to what could be caught as chargeable consideration for SDLT purposes.
The decision highlights the recent approach of the courts in challenging tax avoidance. We expect further challenges to sub-sale SDLT schemes by HMRC.
It also highlights the risks posed to advisers which could ultimately impact on professional indemnity insurance for those professionals involved in promoting, implementing and advising on such schemes.
Finally, the facts of this case took place before the introduction of the general SDLT anti-avoidance legislation which further strengthens HMRC’s position against schemes such as these.
H&M is the latest retailer to confront its landlords about this ‘two tier retail market’ in an attempt to explore and negotiate more favourable terms.
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Ann Summers is the latest retailer to have entered into new voluntary deals with the majority of their landlords, rather than using the CVA process.
We previously reported on the High Court decision of S Franses Ltd v The Cavendish Hotel (London) Ltd in which it was held that a landlord’s motive could not prevent it from successfully utilising ‘ground (f)’ under s30(1) of the Landlord and Tenant Act 1954 to oppose a lease renewal.
The FCA are encouraged to find that the implementation of the new rules has encouraged financial institutions to manage whistleblowing cases and concerns fairly, consistently and in a manner that protects the individual whistleblower.
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