SDLT: relief for charities
In The Pollen Estate Trustee Co Ltd v HMRC (and related appeal) (CA – 26 June) a company (P) acquired four properties. It submitted a claim for repayment of SDLT contending that it had made the acquisitions as a bare trustee for the beneficiaries of a trust and that as two of those beneficiaries were UK charities it should be entitled to relief under FA 2003 Sch 8 in respect of the proportion of the properties which was attributable to those charitable beneficiaries. HMRC rejected the claim but the CA unanimously allowed P’s appeal. Lewison LJ held that Sch 8 para 1(1) should be construed as providing that a land transaction was exempt from charge to the extent that the purchaser was a charity providing that the other conditions were met. Exemption should apply to ‘that proportion of the beneficial interest...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
SDLT: relief for charities
In The Pollen Estate Trustee Co Ltd v HMRC (and related appeal) (CA – 26 June) a company (P) acquired four properties. It submitted a claim for repayment of SDLT contending that it had made the acquisitions as a bare trustee for the beneficiaries of a trust and that as two of those beneficiaries were UK charities it should be entitled to relief under FA 2003 Sch 8 in respect of the proportion of the properties which was attributable to those charitable beneficiaries. HMRC rejected the claim but the CA unanimously allowed P’s appeal. Lewison LJ held that Sch 8 para 1(1) should be construed as providing that a land transaction was exempt from charge to the extent that the purchaser was a charity providing that the other conditions were met. Exemption should apply to ‘that proportion of the beneficial interest...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: