The First-tier Tribunal has held, in Hannah and another v HMRC [2019] UKFTT 342 (TC) (30 May 2019), that an SDLT scheme seeking to rely on section 52 of the Finance Act 2003 (calculation of chargeable consideration in the case of annuities) failed because the annuity did not, on the facts, constitute the true chargeable consideration for the land transfer.
In HMRC v MCX Dunlin (UK) Ltd [2021] EWCA Civ 186 (17 February 2021), the Court of Appeal overturned the High Court’s decision that interest was due on repayments of liabilities to petroleum revenue tax (PRT) dating from the 1980s which had been met by crediting advance PRT (APRT), holding both that the company’s claim was an abuse of process and that it failed on the merits.
The case of HMRC v The Quentin Skinner 2005 Settlement L and others the Upper Tribunal (UT) allowed HMRC’s appeal against a First-tier Tax Tribunal (FTT) decision, finding a number of errors in law. The UT found that section 169J of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) does require a beneficiary to have been a qualifying beneficiary throughout the period of one year ending not earlier than three years before the disposal.