In The Pollen Estate Trustee Co Ltd v HMRC (and related appeal) (Upper Tribunal – 6 August) a company (P) acquired four properties. It submitted a claim for repayment of SDLT contending that it had made the acquisitions as a bare trustee for the beneficiaries of a trust and that as two of those beneficiaries were UK charities it should be entitled to relief under FA 2003 Sch 8 in respect of the proportion of the properties which was attributable to those charitable beneficiaries. HMRC rejected the claim and the Upper Tribunal dismissed P’s appeal holding that where a land transaction involved a number of people acquiring a property through a bare trust the purchasers should be treated as joint purchasers and the transaction should be taxed as a single land transaction....
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In The Pollen Estate Trustee Co Ltd v HMRC (and related appeal) (Upper Tribunal – 6 August) a company (P) acquired four properties. It submitted a claim for repayment of SDLT contending that it had made the acquisitions as a bare trustee for the beneficiaries of a trust and that as two of those beneficiaries were UK charities it should be entitled to relief under FA 2003 Sch 8 in respect of the proportion of the properties which was attributable to those charitable beneficiaries. HMRC rejected the claim and the Upper Tribunal dismissed P’s appeal holding that where a land transaction involved a number of people acquiring a property through a bare trust the purchasers should be treated as joint purchasers and the transaction should be taxed as a single land transaction....
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