Is it possible to avoid Stamp Duty?
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Lee from Bedford
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Legal questions and answers
Question
We are currently looking to buy a property which we think is great value, but we are faced with the prospect of paying stamp duty which makes it beyond our budget. Is there some way that we could effectively minimise, delay or even possibly avoid paying the stamp duty?
Answer
SDLT (Stamp Duty) is a Government Tax. As with all taxes there are ways of properly minimising payment however tax “evasion” is a criminal offence. Quite recently the Revenue have emphasised that they intend to clamp down on SDLT “avoidance” schemes that they feel are in fact evasion.
Whether you are in a position to properly avoid tax will depend on the circumstances of your particular transaction. Information and guidance is available on the HMRC website https://www.gov.uk/topic/business-tax/stamp-taxes however, you should take advice from your conveyancer on this subject.
reallymoving comment:
For more information about Stamp Duty, take a look at reallymoving.com’s Guide to Stamp Duty. As of November 2017, first time buyers do not have to pay Stamp Duty on properties up to £300,000 and will get a discount on properties up to £500,000.
Stephen Crompton
Russell & Russell
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