Sergeant & Sims on Stamp Taxes

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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 40, September 2020

Issue 40 updates the publication to reflect developments since Issue 39 (February 2020).

UPDATE INFORMATION

Division AA-Commentary: Land
The SDLT commentary on the meaning of ‘dwelling’ and ‘garden and grounds’ has been updated to reflect recent First-tier Tribunal decisions (
  • Keith Fiander v Revenue and Customs Comrs [2020] UKFTT 00190 (TC),

  • Fish Homes Ltd v Revenue and Customs Comrs [2020] UKFTT 00180 (TC),

  • Craig Goodfellow v Revenue and Customs Comrs [2020] UKFTT 0750 (TC),

  • Pensfold v Revenue and Customs Comrs [2020] UKFTT 0127 (TC) and Lynda Myles-Till v Revenue and Customs Comrs [2020] UKFTT 0127 (TC): see, eg, AA1.5[AA4A]

  • Residential property.

  • The new temporary rates given by the Stamp Duty Land Tax (Temporary Relief) Act 2020 are covered at AA1.6[AA5] Tax rates and tax bands.
    The commentary on the SDLT general anti-avoidance rule, section 75A of the Finance Act 2003, has been updated following the publication of HMRC’s new guidance on the provision: see AA1.26[AA29C] Scheme transaction.
    Changes have been made to AA1.27[AA30A] Residential property after the changes made to the general anti-abuse rule by the Finance Act 2020.
    The decision of the First-tier Tribunal in Christian Candy v Revenue and Customs Comrs [2020] UKFTT 0113 (TC) has been added to AA2.4[AA34C] Repayment on rescission, part rescission etc.
    HMRC’s new guidance on options and rights of pre-emption has been added at AA2.7[AA36] Options and rights of pre-emption.
    The Finance Act 2020 changes to the residential higher rates are summarised at AA2B.2[AA39AF] Replacement of main residence.
    A new section has been included on the formal requirements for determinations: see AA10.9A[AA265A] Formal requirements as to assessments, penalty determinations etc.
    The First-tier Tribunal decisions in Said Mashoof v Revenue and Customs Comrs [2020] UKFTT 00166 (TC) and Victoria Carter v Revenue and Customs Comrs [2020] UKFTT 00179 (TC) on determinations have been included at AA10.13[AA285] Revenue determinations.
    The decision of the First-tier Tribunal in Albert House Property Finance PCC Ltd (in liquidation) v Revenue and Customs Comrs [2020] UKFTT 0732 (TC) has been added at AA11.8[AA310]–[AA320] Settlement.
    The temporary tax rates for LBTT and LTT have been added at AA12.6[AA356] Tax rates and tax bands and AA23.6[AA921] Tax rates and tax bands, respectively.
    The temporary tax rates for LBTT and LTT have been added at AA12.6[AA356] Tax rates and tax bands and AA23.6[AA921] Tax rates and tax bands, respectively.
    Division AB—Commentary: ATED
    The new ATED charges for the chargeable period beginning on 1 April 2020 have been added at AB1.4[AB9] ATED charges.
    Division A—Commentary: Securities
    The temporary procedure for stamping during the coronavirus (COVID-19) pandemic has been added: see, eg, A1.1[2] Description of the taxes.
    The new stamp duty and SDRT market value rules for transfers of unlisted shares to connected companies inserted into the Finance Act 2019 by the Finance Act 2020 are covered at A6.17[527] Market value rule for unlisted shares and A11.1[772].
    The change made to section 77A of the Finance Act 1986 by the Finance Act 2020 giving a new carve-out to the disqualifying arrangements test has been added: see A15.4A[1127A] Disqualifying arrangements.
    The commentary on judicial review and legitimate expectation has been updated to include recent decisions: A20.7[1572][1580] Judicial review.
    Division G—Addresses and Contact Numbers
    Division G has been updated with the latest available information.

    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.