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…

If you are registered and logged in to the site, click on the link below to read the rest of the Nabarro briefing. If not, please register or sign in with your details below.

 

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Nabarro

View more briefings from Nabarro

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

Lacon House
84 Theobald's Road
London
WC1X 8RW
UK
http://www.nabarro.com

Turnover (£m): 116.70
No. of lawyers: 405