SDLT avoidance: novation and sub-sales — another win for HMRC
In the case of Edward Allchin v HMRC, the First-tier Tribunal has confirmed that the novation of a contract does not fall within the SDLT sub-sale relief provisions. Accordingly: another mass-marketed SDLT planning scheme has failed to achieve the results promised; this is the second success for HMRC in seven months; and the Tribunal emphasised that the onus is on the taxpayer, through the information provided, to alert HMRC of any insufficiency in the SDLT assessment.
This case falls under the current sub-sale rules set out in the Finance Act 2003. The Finance Act 2013 will introduce a new sub-sale regime that, as currently drafted, includes the novation of a contract within the ‘transfer of rights’ provisions…
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On 25 February, the UK Information Commissioner’s Office (ICO) published its updated code of practice on conducting privacy impact assessments.
Supplies of goods to customers fraudulently using a bank card are subject to VAT where the card provider pays for those goods
The CJEU has ruled that a supplier must account for output VAT on payments received from third party card providers for supplies made to customers who bought goods using a fraudulent card.
Analysis from The Lawyer
Real estate continues to be the key money spinner for Nabarro, which has always been known for its work in the UK property market, (although) last year results were up across the firm. Google’s ...
A few UK200 firms – such as DWF – have managed to grow in the downturn. A few, such as Berwin Leighton Paisner, have come back stronger than ever after a wobble. Nabarro fits into neither category.