Although Stamp Duty Land Tax was introduced in December 2003 it was not (with the exception of some penalty cases) until the release of the decision in DV3 RS Limited Partnership v HMRC [2011] TC01012 on 17 March 2011 that the judiciary first opined on the provisions of FA 2003 Part 4. Was it worth the wait?
The facts
Before considering this it is necessary to summarise the facts of the case.
The appeal concerned an SDLT planning structure under which DV3 Regent Street Ltd (to use the Tribunal’s abbreviation BB) acquired a lease from Legal and General Assurance Society Ltd (AA) and immediately transferred it to DV3 RS LP (CC) a limited partnership in which BB had a 99% income share.
Other partners were connected with BB and included the trustees of a unit trust 99% owned by BB’s parent company DV3 Ltd.
The...
