The claimants sought to reduce liability for stamp duty by arranging an intermediate sale to a company followed by a scheme of regular payments.
Held: The scheme was not effective to save stamp duty. The combined effect of the sections was to impose the liability for duty on the considerations paid by both the purchaser company and the sub-purchaser. As a matter of principle a conveyanc by a vendor to a subpurchaser was chargeable to duty by reference both to the consideration moving from purchaser to vendor and to the consideration moving from subpurchaser to purchaser.
The Hon Mr Justice Lightman
 EWHC 59 (Ch), Times 12-Feb-2004
Stamp Act 1891 56(2) 58(4) 58(7)
England and Wales
Cited – Oughtred v Inland Revenue Commissioners HL 4-Nov-1959
The taxpayer and her son owned through a trust the entire beneficial interest in the shares of a company. She agreed to transfer other shares to him in return for his interest in the shares subject to the trust, releasing the trust. The Revenue . .
Lists of cited by and citing cases may be incomplete.
Updated: 01 November 2021; Ref: scu.192293