Patrick Cannon is one of the UK’s leading SDLT advisers, having advised on Stamp Duty Land Tax (SDLT) and its predecessor, Stamp Duty, over the past 35 years as a solicitor and as a barrister.
Alongside being a professional Stamp Duty Land Tax adviser, Patrick has authored Tolley’s Stamp Taxes since 1986 and advises on all aspects of the tax and how to ensure compliance with the increasingly complex rules.
His services include reducing liability where legitimate savings are available, dealing with HMRC SDLT enquiries and representing clients in SDLT appeals before the tax tribunals.
Patrick advises on multiple dwellings relief or MDR, mixed residential and non-residential use, 3% additional or higher rates of SDLT, SDLT refunds and reclaims, main residence replacement relief, derelict dwellings, amending SDLT returns, SDLT refunds for mistakes over 12 months old, SDLT exemptions and reliefs, the GAAR in SDLT, section 75A issues, leases and SDLT, SDLT overlap relief, Prudential style purchase and building contracts, company restructuring and reorganisations and stamp duty and SDLT and VAT.
Notable Cases in which Patrick has appeared for taxpayers reflect the nature of Patrick’s work as a leading tax barrister advising on such areas as capital gains tax, SDLT, HMRC tax investigations and tax judicial reviews.
International Property Taxes
Patrick is a private client tax advisor and is able to give detailed private client tax advice in the context of international property tax including stamp duty for non-UK residents and commercial SDLT for non-UK resident private clients and corporates.
His private client advisory practice can advise on areas such as the remittance basis of taxation for non-domiciled individuals, the taxation effects of indirect ownership of UK property through offshore companies, non-resident landlords and UK tax, the annual tax on enveloped dwellings (ATED), inheritance tax for non-UK residents, partial closure notices in HMRC tax investigations and enquiries for non-UK resident or domiciled individuals, and the non-UK resident trading in and developing land tax charges plus the Finance Act 2016 transactions in UK land regime tax charge.
Corporate Acquisitions and Restructuring
Patrick advises on stamp duty group relief and the withdrawal and clawback of group relief, associated companies, demergers, disqualifying arrangements under section 77A, section 641 Companies Act 2006, reconstruction relief and acquisition relief, acquisitions by charities and seeding reliefs for PAIFs and COACs.
Patrick advises on the meaning of “residential property” including mixed-use cases and whether a dwelling can be regarded as derelict and as such non-residential property and also on the HMRC’s approach to the meaning of “dwelling” and when annexes are to be regarded as separate dwellings for MDR.
Property Development and Refinancing
Patrick offers advice and guidance on the SDLT aspects of property development projects and refinancing property and buy to let portfolios plus advice on VAT and the income tax, corporation tax and capital gains tax treatment of such projects. Tax issues around land pooling and the separation of property joint ventures and property partnerships and LLPs, SDLT on the transfer of property subject to a mortgage, exchanges of properties and transferring a property to a company is also available.
Litigation and tax investigations
Patrick Cannon is a leading London tax barrister representing clients being investigated by HMRC for civil tax enquiries and criminal tax investigations or who are facing accelerated payment notices or follower notices or penalties for a failure to correct.
Patrick can help you with COP 8 and 9 enquiries, challenging tax information notices and undertaking tax judicial reviews. Patrick can also provide advice and assistance, or legal representation if HMRC have opened a tax investigation into your tax affairs or are claiming that the GAAR applies or are seeking penalties.
Patrick specialises in criminal and civil tax investigations. If a civil tax enquiry by HMRC grows into a criminal tax investigation, then Patrick Cannon will be able to handle this transition.
How Patrick Cannon can help
Contact Patrick Cannon now if you need advice from a barrister on Private Client Tax, SDLT or stamp duty.
Patrick Cannon can also advise on:
Frequently Asked Questions
Yes, SDLT is payable on a transfer of property to family members unless there is no
chargeable consideration or an exemption applies. Even if no price is paid for the
property there will be deemed chargeable consideration if the property is
transferred subject to an existing mortgage debt equal to the amount of the debt
assumed by the transferee (except on an inheritance – see below). There are
exemptions for transfers on divorce, separation or dissolution of a civil partnership
and under a will or on an intestacy ie without a will.
No SDLT is payable on an inherited property unless the person acquiring the property
gives consideration for it, other than assuming debt secured on the property.
Use form IHT205 if the gross value of the estate is under £325,000 or the gross value
of the estate is under £650,000 and you have an available transfer of a whole nil rate
bands, such as from a previously deceased spouse or civil partner or the gross value
of the estate is under £1m and the majority of assets are transferring to a surviving
spouse or civil partner.
Use form IHT400 if the gross value of the estate is over £325,000 and no assets are
being transferred to a surviving spouse or civil partner.
The assets of a deceased person are treated as acquired by the personal representatives at their market value at the date of the death but without corresponding disposal so that there is a tax-free uplift in the base cost to market value at that date: section 62 TCGA 1992. This means that only gains accruing since the death are taxable.
For UK tax purposes there is a tax free uplift in the base cost of the property to market value at the date of death so that only gains accruing since then are taxable. The tax position in the country where the property is should also be checked including whether there is a double tax treaty between that country and the UK which regulates how any gains are taxed.