.png)
.png)
In July 2011 the taxpayer who was chief executive officer of San Leon Energy plc took part in a stamp duty land tax avoidance scheme involving subsale relief. He bought a residential flat for £5m and at the same time as the contract for the acquisition of the property was completed granted a call option to San Leon Energy for £100 under which the company could buy the flat for a market value consideration. However under the scheme the company would not exercise the option.
The taxpayer claimed that stamp duty land tax was not due because subsale relief applied (FA 2003 s 45).
The First-tier Tribunal and Upper Tribunal agreed with HMRC that relief was not due. The taxpayer appealed.
The Court of Appeal said s 45(1)(b) required there to be an assignment subsale or other transaction under which San Leon Energy would...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
