Helen Coward and Edward Hardy (Simmons & Simmons) examine a recent FTT decision on SDLT, property investment partnerships and the anti-avoidance rule in s 75A.
The case of Brindleyplace Holdings S.à r.l (BP Holdings) v HMRC [2024] UKFTT 808 (TC) involved the acquisition of a market-standard (at the time) holding structure of properties in Birmingham (‘the Properties’) and the subsequent de-enveloping of the Properties into the ownership of Brindleyplace Holding S.à r.l (BP Holding). BP Holding was a Luxembourg holding vehicle of several German pension schemes.
The Properties were owned by an English limited partnership (the Partnership) of which the partners were (i) the trustee of a Jersey property unit trust (the JPUT) (ii) the Partnership’s general partner (the GP) and (iii) a Scottish limited partnership (the Carry LP).
The transaction consisted of the following steps (ignoring the minority 0.2% holding of units in the JPUT for simplicity):
Step...
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Helen Coward and Edward Hardy (Simmons & Simmons) examine a recent FTT decision on SDLT, property investment partnerships and the anti-avoidance rule in s 75A.
The case of Brindleyplace Holdings S.à r.l (BP Holdings) v HMRC [2024] UKFTT 808 (TC) involved the acquisition of a market-standard (at the time) holding structure of properties in Birmingham (‘the Properties’) and the subsequent de-enveloping of the Properties into the ownership of Brindleyplace Holding S.à r.l (BP Holding). BP Holding was a Luxembourg holding vehicle of several German pension schemes.
The Properties were owned by an English limited partnership (the Partnership) of which the partners were (i) the trustee of a Jersey property unit trust (the JPUT) (ii) the Partnership’s general partner (the GP) and (iii) a Scottish limited partnership (the Carry LP).
The transaction consisted of the following steps (ignoring the minority 0.2% holding of units in the JPUT for simplicity):
Step...
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