In Project Blue Limited (formerly Project Blue (Guernsey) Limited) v R & C Commissioners (2016) EWCA Civ 485, the Court of Appeal upheld the taxpayer’s appeal and dismissed HMRC’s cross appeal. The sub-sale falling within Finance Act (FA) 2003, s45(3) was to be treated as a direct acquisition by the financial institution from the third party vendor for stamp duty land tax (SDLT) purposes. The financial institution was therefore liable for SDLT on completion of the secondary contract under s45(3), and was not entitled to claim s. 71A relief. In consequence, the s75A anti avoidance provision was not in point, since the s75A(1)(c) condition was not satisfied.

E