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Interesting SDLT avoidance scheme case

http://financeandtax.decisions.tribunals.gov.uk//judgmentfiles/j11734/TC07776.pdf

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Counsel did rather well on winning the points he won and especially on proving the St Matthews judges wrong re the s45 right to a conveyance point re options.

http://financeandtax.decisions.tribunals.gov.uk//judgmentfiles/j11734/TC07776.pdf

Although the taxpayer lost it makes a change to the usual totally rubbish schemes we see that are basically (and quite rightly) laughed out of court and I understand the taxpayer will be appealing.

At least on s75A my (St Matthews) version of this scheme doesn't have this para 52 problem:

"Mr Cannon cannot point to the transaction that will occur of on exercise of the option as a distinct land transaction pursuant to section 46 when seeking to apply section 45(3) on the effective date of grant of the option, and then choose to ignore this distinction when seeking to defer the application of section 75A until the exercise of the option. The last date on which a contract in respect of the scheme transactions is completed or substantially performed is 16 September 2011."

Also good news (I think) on the s45 analysis and that there was no finding that Ramsay applied.

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