Swallow Hotels Ltd v Commissioners of Inland Revenue: ChD 11 Jan 2000

A lease had been granted with an option to take a further term at a later date. New rules came into effect which imposed higher rates of stamp duty on transactions of the nature granted by the option, but exempted transactions entered into pursuant to a contract made before the operative date.
Held: The grant of the option in the lease was such a contract. It was not that when the option was exercised, the contract came into existence.

Citations:

Times 11-Jan-2000

Statutes:

Finance (No 2) Act 1997 49(6)

Stamp Duty

Updated: 10 April 2022; Ref: scu.89649