Redmount Trust Company Ltd v HMRC

In Redmount Trust Company Ltd v HMRC [2021] UKFTT 443 (TC) (24 November 2021) the FTT examined a sub-sale scheme in detail to establish whether a land transaction return was required. It held that it was and as a result the closure notice was valid.

Redmount implemented a sub-sale scheme to avoid SDLT. The scheme included an agreement for the future grant of an option with the option being granted at the time of completion of the original contract. After the transaction was implemented FA 2003 s 45 was amended with retrospective effect so that sub-sale relief did not apply to an agreement for the future grant of an option. The amended legislation required purchasers to amend their SDLT return where one had been filed or allowed HMRC to issue an assessment. FA 2003 s 45 has since been...