LEGAL UPDATE: The Law Commission in England has published a draft Insurable Interest Bill which it hopes will modernise insurable interest laws. It updates a previous draft bill from 2016 taking into account responses from the consultation. If implemented, this Bill would repeal previous, outdated legislation and better reflect the needs of consumers to protect themselves and their families.
A scheme to avoid UK stamp duty land tax (SDLT) on a house purchase involving a claim for sub-sale relief failed because the conditions for the relief were not satisfied. A rider to the contract signed after anti-avoidance provisions had been introduced had no effect.