How to avoid paying stamp duty??

[ILOVEBHA]

I would just like to agree with Triggaaar on the points he has made.
We are a proactive firm of Chartered accountants and if we did not look into tax saving opportunities for our clients and let them know about such schemes then we would not be properly carrying out our roles as their tax advisers.
If we do not explore every avenue how could we be classed as tax advisers and so many clients are happy to know that there are options even if they do not take it up.

 

[ILOVEBHA]

Does that money back guarantee come with a guarantee of paying any HMRC fines if they later decide your client has evaded tax ?

There will be no fines as this is not tax evasion the only thing our clients would have to pay is the original stamp duty they were due to pay.

 

[Vegas Seagull]

We have only been using the scheme for the last 2 years however stamp duty mitigation has been going on for decades

Good...money well spent, nevertheless...Last Q, are 'your' properties the ones that disappear from the 'houseprice' type records or not?

 

[brunswick]

Yes you do. You use the state schools to educate children and keep them off the streets, preventing them from smashing your stupid head to a pulp with a brick (do you honestly think your life would be the same if children didn't go to school ). And you use the NHS to keep everyone well so that they can keep the system running so you can continue to live in cloud cuckoo land.

if you think "state school" is the way and all other ways lead to crazy voilent youths i pity you - stiener?

the NHS is (save emergencies and operations) is a selling kiosk for big pharma - holistic approaches?

 

[ILOVEBHA]

Good...money well spent, nevertheless...Last Q, are 'your' properties the ones that disappear from the 'houseprice' type records or not?

No it will go through as a normal sale but no stamp duty is payable just a fee to the providers

 

[Herr Tubthumper]

lol, I doubt it.

What else do you think my tax advisor does? He's probably no different to ILOVEBHAs company.

 

[Driver8]

if you think "state school" is the way and all other ways lead to crazy voilent youths i pity you - stiener?

the NHS is (save emergencies and operations) is a selling kiosk for big pharma - holistic approaches?

Is your real name Grassy Knollington?

 

[Herr Tubthumper]

How much are you spending on stamp duty a year? You're buying a lot of property right?

What's the volume got to do with what ILOVEBHA is suggesting. I might be wrong, but I get the impression his target is market is Joe Public i.e. typical residential purchases. His scheme works for one or multiple purchases I guess. Maybe he can clarify this.

 

[Herr Tubthumper]

You're wrong there. Nothing wrong with being sceptical, but don't assume that iLove doesn't know about this, it's his business, so I assume he does know.

What I was referring to is that I believe that neither you, me or ILOVEBHA know if this is actually a bomb proof scheme or not. I believe it is based on interpretation. And has not been challenged.

 

[perseus]

I met someone earlier who said that its possible to avoid paying stamp duty on any property in excess of £250k. This is apparently due to some 'loop hole' that I would have thought that the HMRC will investigate and close.

Does anyone on here have any experience of this and how it works?

I think the idea is to sell the property in instalments to a trust fund/company over several years. Each transaction is under a certain limit.Thereby, also avoiding paying Inheritance Tax or whatever it is called nowadays.

I wasn't paying attention properly, not having a property fortfolio.

 

[Triggaaar]

if you think "state school" is the way and all other ways lead to crazy voilent youths i pity you - stiener?

Any school is better than no school, and with no state school, there will be plenty of people going to no school.

the NHS is (save emergencies and operations) is a selling kiosk for big pharma - holistic approaches?

The NHS isn't just for emergencies and operations, but then I would think that, my wife works for them. Those emergencies and ops still need paying for though, and without the NHS my daughter wouldn't be alive, so I guess I'm biased again.

What else do you think my tax advisor does? He's probably no different to ILOVEBHAs company.

I think your tax advisor doesn't specialise in stampd duty. He probably knows about other areas more than iLove.

What's the volume got to do with what ILOVEBHA is suggesting. I might be wrong, but I get the impression his target is market is Joe Public i.e. typical residential purchases. His scheme works for one or multiple purchases I guess. Maybe he can clarify this.

His scheme will work for any number of purchases, but in terms of what your solicitor can do for you, volume is important. When you buy/sell a house, you don't even need a solicitor, just a conveyancer, and often the cheaper the better. Not every solicitors company can spend the hours needed to investigate every loophole in every single aspect of the English legal system. If you were buying a lot of expensive property, this would make a big difference to you, and it would be worth your solicitor spending extra hours looking into what can be done.

What I was referring to is that I believe that neither you, me or ILOVEBHA know if this is actually a bomb proof scheme or not. I believe it is based on interpretation. And has not been challenged.

All law is based on interpretation, and no, it probably isn't bomb proof. But it could well be very very reliable, and with no risk, well worth while for many buyers.

 

[ILOVEBHA]

What's the volume got to do with what ILOVEBHA is suggesting. I might be wrong, but I get the impression his target is market is Joe Public i.e. typical residential purchases. His scheme works for one or multiple purchases I guess. Maybe he can clarify this.

You are correct it works on any residential or commercial puchases over 250K

 

[brunswick]

Any school is better than no school, and with no state school, there will be plenty of people going to no school.

i disagree, the education system is all about logic, and preparing to be a tax payer, with little creativity, critical thinking, or imagination being used. it is so narrow it is untrue, it pushes all kids to be "the same" amidst a social bubble of materialism.

children can be educated, and can even educate themselves, the current "school" paradigm i see in england is toxic, and most leave in a similar veign; want money, fame, material items, and a have lack of respect to nature and things that are "real."

 

[chimneys]

You are correct it works on any residential or commercial puchases over 250K

Interesting. Can I ask 2 questions:

1. Does it matter if on a residential purchase you have a mortgage i.e. would the mortgage provider have to sanction the avoidance scheme as they would have first charge over the property?
2. Does the avoidance work if you sell the property fairly quickly after buying?

 

[ILOVEBHA]

Interesting. Can I ask 2 questions:

1. Does it matter if on a residential purchase you have a mortgage i.e. would the mortgage provider have to sanction the avoidance scheme as they would have first charge over the property?
2. Does the avoidance work if you sell the property fairly quickly after buying?

Hi
Your first question is often asked,In actual fact there are no implications for the lender as their security is perfected exactly as they see it
done normally. The clients will own the property as per the mortgage offer and the lenders interest is fully
realized as normal. The counsel approved disclosure documents will clearly explain this to the lender, who
will therefore have no grounds for objection.
Question 2 does not matter as you will own the property and can sell when you like.
The only thing that we require is that the planning is started at least one week before exchange of contracts.

 

[beorhthelm]

children can be educated, and can even educate themselves, the current "school" paradigm i see in england is toxic, and most leave in a similar veign; want money, fame, material items, and a have lack of respect to nature and things that are "real."

dont what school you went to, there was nothing materialist about my education. those aims of the youth are inspite of not because of the education they have (or dont have in so many unfortunate areas). and they are essentially the same as all generations, going back before there was education. i dont beleive there has been a period in history when young man hasnt said " i want more" be it money, trinkets, excitement or knowledge.

 

[Herr Tubthumper]

FTAdviser.com - HMRC eyes clamping down on stamp duty mitigation schemes

 

[Herr Tubthumper]

I think the idea is to sell the property in instalments to a trust fund/company over several years. Each transaction is under a certain limit.Thereby, also avoiding paying Inheritance Tax or whatever it is called nowadays.

I wasn't paying attention properly, not having a property fortfolio.

Google stamp duty mitigation. You'll soon find a number of schemes.

 

[Weststander]

I met someone earlier who said that its possible to avoid paying stamp duty on any property in excess of £250k. This is apparently due to some 'loop hole' that I would have thought that the HMRC will investigate and close.

Does anyone on here have any experience of this and how it works?

Normally the lie about fixtures and fittings - house price mysteriously £250k, and movable fixtures the balance.
Unless a tiny amount, HMRC wise to this, get all the stat's & solicitors scared of being party to tax fraud/negligence.

Other complex schemes for tax sophisticated/wealthy are normally closed soon afterwards by HMRC, or thesedays deemed illegal if HMRC are not given a chance to approve scheme in general before sold by accountants/tax lawyers.

 

[Weststander]

I think the idea is to sell the property in instalments to a trust fund/company over several years. Each transaction is under a certain limit.Thereby, also avoiding paying Inheritance Tax or whatever it is called nowadays.

I wasn't paying attention properly, not having a property fortfolio.

Linked transactions purely for the avoidance of tax = tax payable when HMRC find out.