What constitutes substantial performance for SDLT in terms of building contractors going into possession under licence?

Home Forums Patrick Cannon What constitutes substantial performance for SDLT in terms of building contractors going into possession under licence?

This topic contains 1 reply, has 1 voice, and was last updated by What constitutes substantial performance for SDLT in terms of building contractors going into possession under licence? by Patrick Cannon 1 Patrick Cannon 27th October 2005 at 12:32 pm.

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    What constitutes substantial performance for SDLT in terms of building contractors going into possession under licence? by Patrick Cannon 2
    simon williams

    Do we know what HMRC’s views are on what constitutes substantial performance in terms of building contractors going into possession under licence pursuant to a development agreement where the site is built out in phases and the contractor is only occupying between 40-50% of the entire site?

    #235 Reply
    What constitutes substantial performance for SDLT in terms of building contractors going into possession under licence? by Patrick Cannon 3
    Patrick Cannon

    In principle 40-50% sounds ok but there should only be an SDLT issue at all if (1) the builder is acting as agent for an existing purchaser, or (2) the builder also has an agreement for the grant of a lease or some other agreement to acquire the freehold or an existing lease (or he has the right to ‘direct or request’ to whom the owner will convey interests in the site – section 44A).

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