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Issue:
4963
/
Categories:
Comment & Analysis
, double taxation
, SDLT
, transaction relief
, Land & property
That’ll be SDLT twice please!
In a recent First-tier Tribunal (FTT) case the taxpayers ended up with an unusual double charge to stamp duty land tax (SDLT) bringing an additional charge of £132 250 on top of the original £85 998.
The decision G Goldsmith Limited and another (TC9323) is interesting because of the number of SDLT issues it raised including:
- substantial performance rules (it was held there was no substantial performance before completion);
- pre-completion transaction rule (which did apply yet relief was not given);
- multiple dwellings relief (given for one but not both transactions); and
- impact of a discovery assessment on the availability of reliefs.
The tribunal judge said: ‘It seems extremely harsh of HMRC to seek to tax Mr Goldsmith on the full amount of the SDLT without any reliefs when the company has already paid the correct amount of SDLT on the purchase of the property....
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