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The Court of Appeal dismissed an appeal from the High Court, and affirmed a decision that stamp duty was chargeable on the purchase of a hotel property, affirming that the investors had validly exercised a put option notice. The High Court had determined that the investors retained the right to exercise the put option under the Option Agreement, despite the appellant's contention that an absolute assignment of the Option Agreement to a bank had occurred. The court found that the Deed, Notice of Assignment, and Facility Agreement collectively indicated that the investors' rights under the Option Agreement were not absolutely assigned to the bank, allowing them to validly exercise the put option and triggering a stamp duty charge.
stamp duty, put option notice, Option Agreement, Facility Agreement, Deed, Notice of Assignment, absolute assignment, investors, equitable interest, Court of Appeal, High Court, stamp duty chargeable, Taxes Consolidation Act 1997, Stamp Duties Consolidation Act 1999, investors' rights, security assignment, enforcement event, contractual interpretation, assignment clause.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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