Market leading insight for tax experts
View online issue

DV3 RS Limited Partnership v HMRC

In DV3 RS Limited Partnership v HMRC (TC01012 – 16 March) a company 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 holding that the effect of the legislation was that the consideration for D’s acquisition should be treated as nil. Judge Hellier specifically rejected HMRC’s contention that Sch 15 should not be treated as applying to the transactions in question.

Why it matters: This is a significant defeat for HMRC although they are likely to take the case further. Macfarlanes have commented that...

If you or your firm subscribes to, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.