Avoiding stamp duty

[OldNick]

i didn't realise until this week there is a loop hole that you can legally avoid stamp duty. The solicitors involved are not interested unless the transaction is over 500k. They save the buyer 50% and pocket the rest. It seems too good to be true but i have read a couple of articles about it. Google, avoiding stamp duty and you will get the background to it.

You may have to register with Citywire to read the best article on it.

Another loss of revenue to the treasury, and if legally you can do so why not?

[dune]

i didn't realise until this week there is a loop hole that you can legally avoid stamp duty. The solicitors involved are not interested unless the transaction is over 500k. They save the buyer 50% and pocket the rest. It seems too good to be true but i have read a couple of articles about it. Google, avoiding stamp duty and you will get the background to it.

You may have to register with Citywire to read the best article on it.

Another loss of revenue to the treasury, and if legally you can do so why not?

 

Completely off topic but in your post it says "interested interested" and i noticed in a previous post of mine it said "Cappello's Cappello's". I'd only typed the word once and in the quote box that I can see as I type you only typed "interested" once. Sorry to go off topic, but there is clearly a fault with the forum here so thought i'd highlight it here so that it can be looked into.

[Ponty]

I only see "interested" once, in the original and in the quote.

[Tractor_Saint]

Looked into this when I bought a new house recently. Problem is that the revenue could come after you for the money in a few years time. At the moment they haven't come after anyone but this is not a legal loop hole. Depends how risk adverse you are. I paid stamp duty in the end rather than pay 50% of my overall stamp duty charges to a 3rd party with the potential for the Revenue to come after me in future years for the full amount.

 

See http://forums.moneysavingexpert.com/showthread.php?t=2407867

 

and

 

http://www.taxationweb.co.uk/forum/sdlt-mitigation-scheme-t28510.html

Edited 19 June, 2010 by Tractor_Saint

[EastleighSoulBoy]

So, a solicitor saves you 50%, pockets the lot and leaves you in the ring to face the HMRC.

 

Apart from having to stump up your 50% again there might well be a fine.

 

What's in it for you?

 

**EDIT** Quite a bit, having read Tractor's link. It looks like the scheme even has a registration number with HMRC?

Maybe not bad at all. Get in quick though, that loophole will be closed.

Edited 19 June, 2010 by EastleighSoulBoy
Misread link.

[bridge too far]

I suppose if you live in Portsmouth, it's probably acceptable to avoid paying taxes that are due.

[OldNick]

So, a solicitor saves you 50%, pockets the lot and leaves you in the ring to face the HMRC.

 

Apart from having to stump up your 50% again there might well be a fine.

 

What's in it for you?

 

**EDIT** Quite a bit, having read Tractor's link. It looks like the scheme even has a registration number with HMRC?

Maybe not bad at all. Get in quick though, that loophole will be closed.

there might be an insurance you could take out in case there was a problem. Like Tractor I dont think I will try it but if you read the Citywire piece the loophole was there to help the Islamic church and the banks wanted this to be albe to lend them money.

[chrisobee]

I only see "interested" once, in the original and in the quote.

 

It's got it's own thread now !!