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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.
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.
A tenant who does not want to be forced to complete a lease if an obligation in the agreement for lease is breached must provide expressly for this in the agreement.
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.
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