swarb.co.uk - law index
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Stamp Duty - From: 1970 To: 1979
This page lists 5 cases, and was prepared on 02 April 2018.
Brooklands Selangor Holdings Limited v Inland Revenue Commissioners [1970] 1 WLR 429
1970
ChD
Pennycuick J
Stamp Duty
The court had to consider whether the arrangments before it amounted to a reconstruction for stamp duty purposes: "I will deal first with the question whether those transactions amounted to a reconstruction. In ordinary speech the word reconstruction is, I think, used to describe the refashioning of any object in such a way as to leave the basic character of the object unchanged. In relation to companies, the word "reconstruction" has a fairly precise meaning which corresponds, so far as the subject matter allows, to its meaning in ordinary speech. It denotes the transfer of the undertaking or part of the undertaking of an existing company to a new company with substantially the same persons as were members of the old company." referring to South African Supply: "So in that passage Buckley J repeated in effect what was said by Chitty J in the earlier case he repeatedly inserted the qualification "substantial". I respectfully adopt that passage as an accurate statement of what is meant by the word "reconstruction," always, of course, in the absence of any controlling factor leading to some other meaning. To quote again the last sentence: "substantially the business and the persons inserted must be the same.""
1 Cites
1 Citers
Baytrust Holdings Ltd v Inland Revenue Commissioners [1971] 3 All ER 76
1971
Company, Stamp Duty
Whether a scheme of arrangement constituted a reconstruction for stamp duty purposes.
1 Cites
1 Citers
The Cross-Harbour Tunnel Company Limited v The Collector of Stamp Revenue; PC 26-Jul-1972 - [1972] UKPC 17
Terrapin International Ltd v Inland Revenue Commissioners [1976] 1 WLR 665
1976
Walton J
Contract, Stamp Duty
A deed had been delivered in escrow, but, before the condition was fulfilled, the rates of stamp duty changed. The parties disputed the effective date of the transaction. Held: Walton J considered what was the effect of a deed being held in escrow: "A document which is intended to take effect as a deed when conditions have been fulfilled may be executed as an escrow: that is to say, with all the formalities of a deed save that the vital unconditional delivery, which is essential for the proper execution of a true deed, is missing; it is replaced by a conditional delivery, usually express, but capable of being assumed. At this stage, the document is not a deed; and although of course it contains within itself the possibility of becoming an effective deed, a deed rising phoenix-like from the ashes of the escrow, at the stage before the condition is fulfilled it is of no effect whatsoever." and referring to Cory: "If I may repeat the crucial passage; - 'So long as it remains an escrow it is not executed as a deed; for delivery again as a deed is required before it becomes one'. It follows in my judgment that . . . the first date on which the deed of exchange which is the subject matter of the present appeal was executed was on the day on which the conditions were fulfilled and it was in the eye of the law for the first time delivered unconditionally and thus for the first time delivered as a deed."
1 Cites
1 Citers
Advokatradet Comme Mandataire Pour P. Conradsen A/S v Ministere Des Impots Et Accises R-161/78; [1979] EUECJ R-161/78
27 Jun 1979
ECJ
Stamp Duty
Capital duty on raising of capital.
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