22 March 2023
Mr Olu Olufote -v- HMRC
This case concerned a relatively simple sub-sale scheme (subsale to settlor-interested trust with deferred completion and small purchase price paid upfront). The FTT held that subsale relief was not available. Applying section 45 (construed purposively) to the facts (viewed realistically), there was no relevant ‘entitlement to call’ for a conveyance of the property within s 45(1)(b).
Elizabeth Wilson KC acted for HMRC.
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