14 March 2023
Fanning v HMRC
This case relates to the SDLT sub-sale schemes using options which were widely marketed in and around 2011/12. This case confirms that the schemes do not work (with or without an agreement to grant). This is because options do not fall within section 45(1)(b) FA 2003. The case is also interesting for the Court’s observations on section 45(3) and the proper approach to statutory construction.
Elizabeth Wilson KC acted for HMRC.
To view a copy of the decision please click here.