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HMRC v DV3 RS Limited Partnership

SDLT: avoidance scheme

In HMRC v DV3 RS Limited Partnership (CA – 25 July) a company (DC) which was the principal member of a limited partnership (D) acquired some land and transferred it to D. HMRC issued a ruling that D was required to account for SDLT on its acquisition. D appealed contending that the combined effect of FA 2003 s 45 and FA 2003 Sch 15 para 10 was that there was no SDLT liability. The First-Tier Tribunal accepted this contention and allowed the appeal but the CA unanimously reversed this decision and upheld HMRC’s ruling. Lewison J held that the effect of FA 2003 s 45(3) was that for the purposes of SDLT DC never acquired a chargeable interest. When the contract between DC and D was completed FA 2003 s 44(3) applied to D’s acquisition of a chargeable interest...

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