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 39, February 2020

Issue 39 updates the publication to reflect developments since Issue 38 (July 2019).

UPDATE INFORMATION

Division AA-Commentary: Land
The SDLT commentary on the meaning of 'dwelling' and 'garden and grounds' has been updated to reflect HMRC's new guidance: see, eg, AA1.5[AA4A] Residential property.
The proposal to introduce legislation in the Finance Bill 2019–20 to make a person jointly liable for tax debts owed by an insolvent company where the person is a director or connected to the company has been added at AA1.17F[AA24H] Tax abuse using company insolvencies.
The decisions of the First-tier Tribunal in the following appeals have been added:
  • David Hannah v Revenue and Customs Comrs [2019] UKFTT 0342 (TC) on the Ramsay principle and SDLT at AA1.25C[AA28F] David Hannah.

  • Hannover Leasing Wachstumswerte Europa Beteiligungsgesellaft MBH v Revenue and Customs Comrs [2019] UKFTT 0202 (TC) and David Hannah v Revenue and Customs Comrs [2019] UKFTT 0342 (TC) on the SDLT general anti-avoidance rule, section 75A at AA1.26[AA39E] Supplemental provisions;

  • Consultus Care & Nursing Ltd v Revenue and Customs Comrs [2019] UKFTT 0437 (TC) on the 15 per cent SDLT super rate and the relief afforded to property investors, developers and traders at AA2A.4[AA39H] Property investors, developers and traders;

  • M & M Builders (Norfolk) Ltd v Revenue and Customs Comrs [2018] UKFTT 0541 (TC), David Hannah v Revenue and Customs Comrs [2019] UKFTT 0342 (TC) and D Newton v Revenue and Customs Comrs [2019] UKFTT 0688 (TC) on the SDLT rule that applies where the consideration given other than in the form of rent is met by making periodic payments at AA4.5[AA55] Annuities and other periodic payments limited to 12 years.

  • The SDLT and LTT commentary on collective enfranchisement and shared ownership transactions have been expanded: see AA9.3[AA203] and AA32.2[AA1902] Collective enfranchisement by leaseholders (relief from aggregation) and AA9.8[AA213] Right to buy transactions, shared ownership leases and shared ownership trusts and AA32.4[AA1904] Relief for social housing transactions.
    The decisions of the First-tier Tribunal for Scotland in the following appeals have been added:
  • William Ross v Revenue Scotland [2019] FTSTC 11, John Frank Cameron Walter v Revenue Scotland [2019] FTSTC 9, Neil Doherty v Revenue Scotland [2019] FTSTC 14 John Wallace v Revenue Scotland [2019] FTSTC 13, Joanne Philippa Chumas v Revenue Scotland [2019] FTSTC 10 and Niven Macadam v Revenue Scotland [2019] FTSTC 7 on reclaiming the LBTT additional dwelling supplement at AA13A.2[AA435] Replacement of main residence;

  • Ruth Anne Munro v Revenue Scotland [2019] FTSTC 6 on the LBTT late-payment penalty at AA21.5[AA809] Penalties for failure to pay LBTT;

  • Revenue Scotland v Begbies Traynor (Central) LLP [2019] UT 35 Revenue Scotland v M H Harrison [2019] UT 36 on LBTT late-filing penalties at AA21.12[AA834] Penalties for failure to notify; and

  • Edward Grotlin v Revenue Scotland [2019] FTSTC 12 on reclaiming LBTT at AA21.14[AA842] Relief in case of excessive assessment or overpaid tax.

  • A new section has been added on LBTT and shared ownership transactions: see AA20.5[AA761] Shared ownership.
    Division AB—Commentary: ATED
    The decision of the First-tier Tribunal in Hopscotch Ltd v Revenue and Customs Comrs [2019] UKFTT 0288 (TC) on the ATED relief for property developers at AB4.2[AB156] Property developers.
    Division A—Commentary: Securities
    The proposed new market value rules for stamp duty and stamp duty reserve tax to be included in the Finance Bill 2019–20 have been summarised: see, eg, A2.1[101].
    The Court of Appeal decision in Jazztel plc (as Test Claimant for GLO Issues 9A, 9B and 10) v Revenue and Customs Comrs [2019] EWCA Civ 1301 on the legality of the stamp duty and SDRT 1.5 per cent higher rate at A13.7[955] Legality of the higher rate charges.
    The list of recognised growth markets has been updated at A16.8[1204]–[1220]
    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.