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HMRC have recently published revised guidance on the SDLT anti avoidance rules, set out in section 75A Finance Act 2003. This legislation can catch SDLT saving schemes which involve more than one step or transaction, and which try to reduce the overall amount of SDLT payable as a result.
The new guidance sets out further examples which HMRC think will be caught by the legislation, updating their previous guidance. This can potentially catch a series of transactions which are not specifically intended to avoid SDLT, and so if you are putting together a series of steps in one overall property transaction, you should take note.
Their updated guidance shows HMRC’s increasing concern with SDLT avoidance schemes. A Tribunal decision on a challenge by HMRC to an SDLT scheme involving sub-sale and partnership reliefs is also due soon. If HMRC are successful in their challenge, expect further clampdown on SDLT schemes inside and outside of the courts.
One of the requirements for tenants to contract out of the security of tenure regime contained in the Landlord and Tenant Act 1954 is that they make a simple or statutory declaration before entering into the lease.
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Whilst this decision may not be surprising, it will undoubtedly send a chill down the spine of retailers in a similar position to The Fragrance Shop.
The Supreme Court has decided a significant appeal on the Upper Tribunal’s power to discharge or modify restrictive covenants pursuant to section 84(1) of the Law of Property Act (“1925 Act”).
Ambitious funding plans, announced recently by the Prime Minister, have made clear that spending on school buildings is seen as a key element of efforts to stimulate the economy post-COVID.
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