Taxpayer loses £250k stamp duty appeal

The court has ruled that the taxpayer’s use of a tax avoidance scheme was ineffective and declared that HMRC’s tax assessment of £250,000 from the purchase of a £5m property was valid

The Upper Tribunal (UT) has rejected the appeal from Oisin Fanning against a £250,000 stamp duty land tax (SDLT) assessment from HMRC on the purchase of a £5m property after the tax avoidance scheme he used was blocked by an amendment to the legislation.

Fanning was the CEO of an Irish energy company San Leon Energy and he and his staff frequently spent time working in London in a flat rented by Leon Energy. In 2011, it was then decided that if Fanning purchased the flat, the company would assist him provided that the flat would be available for rent by Leon energy for staff use.

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