Sergeant & Sims on Stamp Taxes

This content is unique to LexisNexis

Commentary

Sergeant & Sims on Stamp Taxes is referred to in preference to any other work in correspondence with the Stamp Office and is the usual authority to be cited in courts. Sergeant and Sims on Stamp Duties is the most comprehensive, up-to-date and authoritative guide to stamp duties and stamp duty reserve tax available. The work provides practitioners with guidance on the methods to employ in order to ensure that they take advantage of every tax-saving opportunity and do not incur penalties for late stamping. The work comprises all current relevant legislation, whilst the detailed commentary provides expert guidance particularly on the more complex areas. It includes coverage of the new stamp taxes regime established under the Finance Act 2003 along with text of relevant statements of practice, interpretations, press releases, extracts from Hansard, examples of Stamp Office forms and useful contact details.

SOURCE CURRENCY
Issue 38, July 2019

Issue 38 updates the publication to reflect developments since Issue 37 (January 2019).

UPDATE INFORMATION

Division AA-Commentary: Land
The discussion on SDLT group relief disqualifying arrangements has been updated following the decision of the Court of Appeal in Farnborough Airport Properties Company & Anor v Revenue and Customers Comrs [2019] EWCA Civ 118 at AA7.2[AA163] Change of Control.
The decisions of the First-tier Tribunal in the following appeals have been added:
  • PN Bewley Ltd v Revenue and Customs Comrs [2019] UKFTT 0065 (TC) on the meaning of 'dwelling' at AA2B.2[AA39AD] Meaning of dwelling;

  • Derek and Susan Smallman v Revenue and Customs Comrs [2018] UKFTT 0680 (TC) on reclaiming tax paid on an agreement that was never completed at AA5.2[AA82] Agreement for lease;

  • SA Jagger v Revenue and Customs Comrs [2018] UKFTT 0063 (TC) and AL Jackson v Revenue and Customs Comrs [2018] UKFTT 0064 (TC) on late-filing penalties at AA10.11[AA273] Penalties for failure to notify;

  • Hezi Yechiel v Revenue and Customs Comrs [2018] UKFTT 0683 (TC) on replacement of main residence relief at AA2B.2[AA39AF] Replacement of main residence; and

  • T Gray v Revenue and Customs Comrs [2019] UKFTT 0213 (TC) on whether HMRC could make a discovery assessment where the appellant had used a tax avoidance scheme at AA10.13[AA286] Revenue assessments.

  • The decisions of the First-tier Tribunal for Scotland in the following appeals have been added:
  • Dr Colin Goudie & Dr Amelia Sheldon v Revenue Scotland [2018] FTSTC 3 and Andrew Clark v Revenue Scotland [2018] FTSTC 4 on reclaiming the additional dwelling supplement on replacement of a main residence at AA13A.2[AA435] Replacement of main residence;

  • LT Manufacturing Ltd v Revenue Scotland [2019] FTSTC 2, Ying Chun Kot v Revenue Scotland [2019] FTSTC 1 and Samreena Qamar v Revenue Scotland [2019] FTSTC 3 on reasonable excuse at AA21.12[AA835] Penalties for failure to pay LBTT.

  • The SDLT changes made by the Finance Act 2019 have been added:
  • extension of first-time buyer relief for purchasers of share ownership dwellings at;

  • express provision to confirm that an undivided share is a major interest for the purposes of the residential higher rates at;

  • exemption in respect of financial institutions in resolution at; and

  • new 14-day filing and payment date for initial returns at AA10.5[AA235]-[AA240] Obligation to file a land transaction return and pay any SDLT due.

  • The changes made by the Stamp Duty Land Tax (Administration) (Amendment) Regulations 2018 (SI 2018/1319) consequential on the new 14-day filing and payment window have been added at AA10.6[AA261] There has been minor updating to this Division.
    The changes to the LBTT tax rates and tax bands made by the LBTT (Tax Rates and Tax Bands) (Scotland) Amendment Order 2018 have been added at AA12.6[AA356] Tax rates and tax bands.
    Division AB-Commentary: ATED
    There has been minor updating to this Division.
    Division A-Commentary: Securities
    The market value rule for listed shares has been covered at A6.16[526]-[560] The market value rule for listed shares and A11.1[772] Elements of the charge.
    The discussion on stamp duty group relief disqualifying arrangements has been updated following the decision of the Court of Appeal in Farnborough Airport Properties Company & Anor v Revenue and Customers Comrs [2019] EWCA Civ 118 at A14.3[998]-[1010] Control.
    Division G-Addresses and Contact Numbers
    This Division has been updated to include material related to the Budget 2018.

    Once it has been circulated to all users of Sergeant and Sims on Stamp Duties these pages may be filed at the front of the Binder.