In Candy v HMRC  EWCA Civ 1447, the taxpayer lost in the Court of Appeal, confirming the decision given by the Upper Tribunal (which had overturned an FTT ruling in favour of the taxpayer). The case involved the rescission of a contract that has been substantially performed, in a case where an asset was transferred to the taxpayer’s brother.
FA 2003, s. 44(9) did not operate as an exception to the generally applicable time limit for amending land transaction returns. The judge expressed concern that “if SDLT could then be reclaimed when the ownership of the property changed hands, the system of SDLT would be undermined”.
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Stamp Duty Land Tax is a well-written, user-friendly guide to the complexities of SDLT, written for accountants, solicitors and other tax professionals, with plenty of worked examples. Topics covered include basic principles, leasehold transactions, partnerships, trusts, reliefs, anti-avoidance legislation and recent tribunal decisions. Full reference is made throughout to relevant legislation, case law and guidance from HMRC.