UK Building company’s tax avoidance scheme exposed & defeated

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Source: HMRC Press Release 11.03.2017

A tax tribunal has ruled against a Stamp Duty Land Tax (SDLT) avoidance scheme used by Crest Nicholson, one of the UK’s largest house builders, meaning it will have to pay the £1.3m it owes.

HM Revenue and Customs (HMRC) challenged the artificial and complex arrangements made by the FTSE 250-listed company to avoid paying SDLT on three purchases of development land near Rochester in Kent for a total of more than £32m.

The First-tier Tribunal decision is likely to have an impact on more than 700 other cases, potentially protecting £65m of taxpayers’ money.

HMRC Press Release here

 

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