Practical points 2020 – Stamp taxes
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in practice, policy and legislation related to stamp taxes, including: stamp duty, stamp duty reserve tax (SDRT), stamp duty land tax (SDLT); land buildings transactions tax (LBTT) and land transactions tax (LTT). These brief practical points are published each month in the faculty's magazine TAXline.
From the weekly Tax update published by Smith & Williamson LLP
The FTT dismissed the appeal, agreeing with HMRC that the sub-sale was not completed or substantially performed simultaneously to the completion of the original sale. It held that the sub-sale could not have been substantially completed because the company had not taken possession of the property. Additionally, payment of the option grant price did not amount to substantial performance. SDLT was therefore payable in full on the original purchase. Furthermore, the anti-avoidance provisions applied to the transaction and also resulted in SDLT being payable on the full purchase price.