- Supreme Court considers Sharia-compliant funding and SDLT liability (Project Blue Ltd v HMRC)
- What are the practical implications of the decision?
- What was the background?
- What did the Supreme Court decide?
Tax analysis: The Supreme Court has ruled that, notwithstanding the provision of relief from stamp duty land tax (SDLT) under the Finance Act 2003 (FA 2003) for sub-sales and Sharia-compliant transactions respectively, the steps taken by the respondent purchaser of land and its bank to make the funding Sharia-compliant did not result in the respondent avoiding liability to pay SDLT. Roger Thomas QC, of Pump Court Tax Chambers, examines the decision.
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