Forum Replies Created
-
Posts
-
Nicky, I am not aware of any developments with this type of scheme and am still of the view that only one lot of SDLT would be upheld by the tax tribunal. What has happened with your appeal if anything?
I agree with you as the individual is purchasing as an individual and not in her capacity as a trustee. The matter is however put beyond doubt by paragraph 11, Schedule 4ZA FA 2003 which treats the beneficiary as holding the interest in the trust dwelling leaving the individual who is also the trustee to purchase her dwelling without also being treated as owning the trust dwelling.
Hi David, I do see your point. For the purposes of the higher rate of SDLT to be caught you would have to own a major interest in another “dwelling” at the end of the day of purchase of your new home. I do not believe that a mobile home is a “dwelling” for this purpose because the definition of “dwelling” in the SDLT legislation is framed in terms of a building which implies a structure that is attached to the land in such a way as to be a fixture and not a moveable chattel. Of course if the mobile home has been fixed to the land in such a way as to have become a permanent fixture then it is likely to have become a building for this purpose but assuming that you can hitch the home to a vehicle and tow it away without any significant modification then the home is unlikely to be regarded as a building so that it will not count as a dwelling.
Andrew, from what you say it sounds as though HMRC were in time to make a “discovery” assessment in September 2015 and HMRC are now seeking to pressure you into settling the matter. The option scheme is now on their radar and it is regrettable that they allow things to drag on for so long in silence and then pop up out of the blue with a request for payment. This is by no means unusual. Without sight of the relevant communications it is difficult to be sure but to answer your question it doesn’t look as though HMRC are time-barred.
