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M & M Builders (Norfolk) Ltd v HMRC, SDLT annuity

As well as the market value rule under FA03/s53 the case considers the land exchange rules and s75A.

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By Justin Bryant
04th Sep 2019 11:32

John, yes, an interesting failed SDLT annuity scheme case. BTW, I beat you to it by 1 day! See:

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: (Presumably the mutual annuities have been netted and so have been ignored for economic/accounts etc. purposes.)

A more detailed analysis is here:

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Replying to Justin Bryant:
By Wilson Philips
31st Aug 2019 12:54

Except that John provides a much more useful summary.

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By ireallyshouldknowthisbut
31st Aug 2019 13:05

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.

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