The taxpayer entered into two contracts to buy Gordon House. The first was for an initial 25-year lease at a cost of £25m and the second was for a contracted-out lease for a 201-year term for £48m payable in four instalments. The initial lease was granted in October 2012 the contracted-out lease in April 2019. The taxpayer paid stamp duty land tax on the initial lease and the ‘substantial performance of the agreement’ for the contracted-out lease.
In April 2014 the taxpayer gifted the property to his brother. Under a deed of novation NC was then responsible for paying the remaining instalments. He was also liable to stamp duty land tax on the contracted-out lease. The taxpayer therefore claimed a repayment of the stamp duty land tax he had paid on this lease (FA 2003 s 44(9)).
HMRC refused because the claim was made more than...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.