Brown v Revenue and Customs Comrs

Subject Matter

REVENUE — Stamp duty land tax — Sub-sale relief — Appellants setting up company and subscribing for shares — Company buying house — Company reducing share capital and then transferring house to appellants on distribution in specie — Whether “consideration” for distribution — Whether appellants liable to pay stamp duty land tax — Finance Act 2003(c 14), s 45(3)(b)(i)(ii)

[2022] UKUT 298 (TCC); [2023] 4 WLR 11; [2022] STC 2115; [2022] WLR(D) 502, UT

REVENUE — Stamp duty land tax — Sub-sale relief — Taxpayers setting up company and subscribing for shares — Company buying house — Company reducing share capital and then transferring house to taxpayers as distribution in specie — Whether “consideration” for distribution — Whether taxpayers liable to pay stamp duty land tax — Finance Act 2003 (c 14), s 45(3)(b)(i)

[2024] EWCA Civ 92; [2024] 4 WLR 21; [2024] 3 All ER 968; [2024] STC 493; [2024] WLR(D) 72, CA

Appellate History