SDLTM09130 | Identifying “V” and “P”: Section 75A (1)(a)

(This page was introduced on 15 January 2020)

The first condition to consider when considering whether Section 75A applies is found in S75A(1)(a) and concerns the identification of V and P.

The condition is that one person (“V”) disposes of a chargeable interest and another person (“P”) acquires either that chargeable interest or a chargeable interest derived from it.

The identification of V and P is an objective test and one that considers the scheme transactions. HMRC do not have discretion when identifying V and P for the purposes of Section 75A.

There is additional guidance on identifying P where there are multiple parties who could potentially be P and this can be found at SDLTM09160.