Notice served by investors was an enforceable contract capable of giving rise to a charge to stamp duty

Tax – Revenue – appeal by way of case stated from a determination of the Tax Appeal Commissioner - exercise of a put option by a group of investors by way of notice dated 24 January 2014 was chargeable to tax stamp duty - whether the option itself had been absolutely assigned by the investors to Barclays Bank (“the bank”) under a Deed of Mortgage, Charge and Assignment dated 28 February 2013 (“the deed”) such that the purported exercise of the option by the investors nearly a year later was invalid – background facts - third put and call option agreement - facility agreement (February 2013) - Deed of mortgage, charge and assignment - notice of assignment of material contracts – subsequent events - stamp duty implications - Tax Appeal Commissioner’s determination - relevant statutory provisions - interpretation of contractual provisions - absolute assignment – analysis of transaction documents - Appeal Commissioner was not correct in determining that the investors had not validly exercised the put option - notice served by the investors was an enforceable contract capable of giving rise to a charge to stamp duty - interest held by the investors in the property was an equitable one arising under the contract for sale which contract had not been completed - therefore, the put option notice comprised a contract or agreement for the sale of the investors’ equitable estate or interest in the 999- year lease in the hotel property under the contract for sale - no basis for also considering the agreement to have rested in contract under s.31A(1) and consequently for addressing the requirements of s.31A(1)(b).