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John, yes, an interesting failed SDLT annuity scheme case. BTW, I beat you to it by 1 day! See:
https://www.accountingweb.co.uk/any-answers/interesting-sdlt-scheme-case
Clearly the taxpayers were very lucky here not to be caught under the exchange rules (or failing that under s75A since overall there were of course the two legs of the overall exchange (on the same day!) and hence not just the one transaction as the judge rather generously found) and one wonders why HMRC did not assess the other "exchange" leg accordingly (maybe they will subject to res judicata etc. e.g. see: https://www.bailii.org/ew/cases/EWHC/Ch/2019/1837.html). (Presumably the mutual annuities have been netted and so have been ignored for economic/accounts etc. purposes.)
A more detailed analysis is here: https://www.blakemorgan.co.uk/sdlt-tribunal-decision-in-m-m-builders-nor...
Thanks the detailed summary John, its very helpful to have those details so I know whether or not the case might be relevant to our clients.