(1) David Hannah (2) Carla Hodgson v The Commissioners for HM Revenue and Customs [2021] UKUT 0022 (TCC)
Upper Tribunal Tax and Chancery decision of Mr Justice Morgan and Judge Swami Raghavan on 2 February 2021
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SDLT– contract and conveyance – effective date of land transaction – contract provided for purchaser to grant an annuity – annuity held on trust for purchaser pending completion of contract –was contract substantially performed before completion? – annuity redeemed between contract and completion – what was consideration for the conveyance? – application of anti-avoidance provisions - discovery assessment – was discovery assessment “stale”? – could HMRC have been reasonably expected to have been aware of insufficiency of tax? – penalty notice – was the inaccuracy in the return deliberate? – Finance Act 2003, ss 44, 52, 75A, sch 4 para 1, sch 10 para 30, Finance Act 2007, sch 24 paras 1, 3