Stamp Duty Land Tax Mitigation or pay 5% tax on a £1m home?
April 4th, 2010
I confess that I am a big fan of taking seriously anything that might make big savings in the cost of buying property. Stamp duty Mitigation schemes come firmly into that category. Our Darling Chancellor is raising, from April next year, the rate of stamp duty payable on property of £1M and over. This means a property purchase of £3M will attract a payment of £150,000 to the Inland Revenue. This is serious money- more than enough to see a child through seven years of private education at Abingdon or Stowe.
The problem with SDLT schemes is that they seem to rely on opinion being constantly regularly re-drafted to keep ahead of any threat of loopholes being closed off. They are also the intellectual property of the schemes originators, usually top tax lawyers, who know how to guard their work well. This seems to have spawned a plethora of intermediaries, some of whom seem to have a good scheme and some perhaps not. Could SDLT mitigation work for you? We are happy to put you in touch with our taxation specialist.
Labels: SDLT, Stamp Duty
