BTR Core Fund JPUT v HMRC

In BTR Core Fund JPUT v HMRC [2024] UKFTT 885 (TC) (1 October) the FTT dismissed the taxpayer’s appeal against HMRC’s decision to reject its claim for SDLT overpayment relief under FA 2003 Sch 10 para 34 on the basis that the overpayment resulted from a mistake in a claim to multiple dwellings relief.

The taxpayer acquired the leasehold property in Manchester consisting of 350 ‘build to rent’ flats and unlet commercial premises on the ground floor. In its SDLT return it claimed multiple dwellings relief (MDR) the resulting liability being around £4.3m. It calculated the tax in accordance with HMRC’s guidance on the basis that the MDR calculation should use the higher residential rates. Following a change in HMRC’s guidance it became apparent that this was incorrect and the calculation could apply the standard rates. As the taxpayer was then out of time to amend its...