Jamie Ritblat’s Delancey has seen off a claim from HM Revenue and Customs for a £2.6m stamp duty payment on its 2006 acquisition of Dickins & Jones.
Delancey bought the 275,000 sq ft department store on Regent Street, W1, for £65.1m but was able to use a short-lived tax loophole to avoid paying the stamp duty.
The Upper Tribunal today rejected an appeal from HMRC seeking payment of the tax.
The SDLT scheme in question involved a complex subsale of the property to a partnership in order to avoid the tax.
HMRC had argued that the subsale did not fall within the special charging rules.
