The long and winding road: Court of Appeal Victory for Mills & Reeve in SDLT shared equity case
In 2006, a professor bought a house in London with assistance from the college that employed him. This was a ‘shared equity’ scheme, which Mills & Reeve helped to pioneer many years ago.
There are many variants to the scheme, but basically the employer, university or college contributes part of the purchase price and takes a proportionate share in the equity. Usually, the staff member has the opportunity to buy out the institution in the future.
The college is of course a charity and expected to claim SDLT charities relief on its equity share. Unfortunately, the professor’s solicitors, who were responsible for making the SLDT return, wrote to HM Revenue & Customs to ask its opinion. It responded that the college was not entitled to charities relief, because it had bought the house jointly with the professor…
If you are registered and logged in to the site, click on the link below to read the rest of the Mills & Reeve briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
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
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
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.
News from The Lawyer
Analysis from The Lawyer
The trend for unbundling legal work is advancing through the law firm ranks but there is still resistance in some quarters - namely in-house. We asked why