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Stamp Duty Mitigation Plans
Background
Stamp Duty was first introduced in the United Kingdom in 1694... as a temporary measure.... Sadly for everyone, apart from the UK Treasury, it was such a success it's remained in service ever since.
The Government currently takes approximately £5 billion per year, in Stamp Duty, via property transactions.
Stamp Duty Mitigation
We work with one specific firm of Tax Planners and they deal with clients who are buying property over the £250k mark. They've saved Stamp Duty for 7,500 clients so far.
Tax planning can be a game of cat (HMRC) and mouse (you). Mitigation schemes are "legal" but at some point the Tax Man will close the loophole.
In a nutshell...
1. The Tax planning is done to mitigate the Stamp Duty
2. Your Property purchase completes and you pay the Stamp Duty to your solicitor
3. 28 days later the money is returned to you minus the Tax Planning fees
4. The Tax Planners usually take 50% (+ VAT) of any saving they make
5. The Tax Man can challenge "anyone" for upto 9 months. But not beyond that point
6. The Tax planning is "insured" against a possible Investigation (within the 9 month period)
7. That insurance covers the full cost of the Tax itself and any legal costs
8. The Tax planning is ran via solicitors and backed up via Barristers legal opinions
9. To this point HMRC (The Tax Man) has challenged one case in the courts and HMRC lost
10. A cynic would suggest it's only a matter of time before the loophole is plugged, though
Savings
The figures below are based on using specific amounts as examples.
If you're buying at £250,000, after fees, you'd save £3,000.03
If you're buying at £499,999, after fees, you'd save £5,999.98
If you're buying at £500,001, after fees, you'd save £8,001.60
If you're buying at £999,999, after fees, you'd save £15, 984.02
.
Conveyancing
In terms of working with us we would ask that you use our Conveyancing Solicitors.
Whilst you will not have to specifically visit the solicitor (your transaction will be managed by phone, post or email) the solicitors on our panel are used to dealing with the Mitigation schemes.
You can Instruct us to carry out your Conveyancing and then either opt in or out of the saving scheme as you wish. For a conveyancing quote please use our online quote system.
Need specific quote?
Call us now on: 0845 603 0708
Monday to Friday 9.00am to 10.00pm
Why Conveyancing Brokers?
- No Hidden Fees
- No Completion - No Fee
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- Direct Contact With Your Lawyer
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- Established and Reliable
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The service and advice I received was excellent and well received.
Matthew W