The Stamp Duty Loophole
Avoid Stamp Duty Legally
The changes to stamp duty in 2003 meant that purchasers no longer had to submit documents providing details of the purchase to the Stamp Office for stamping. Instead their solictor, or licensed conveyancer asks them to sign a Land Transaction Return form, which has all the information on.
But the new form was far more complex than the previous document and was designed to crackdown on people claiming to pay more for fixtures and fittings, therefore bringing the cost of the home below a threshold.
Instead of the previous Particulars Delivered form, a single page asking for the names and addresses of parties, location of the property and price paid, the new form introduced was six pages long and has 70 questions. It must be sent to the Inland Revenue, and the Land Registry will not register ownership until it has a certificate from the Revenue that the form has been received.
Avoiding stamp duty
Our way of mitigating SDLT is 100% legal and has not changed since the closing of the stamp duty loophole recently advertised on the BBC and other major news networks. If you are interested in saving up to 50% off your SDLT liability on houses over £250,000 then use our confidential contact form and we’ll discuss your options. We give full disclosure to HMRC so you can rest easy at night.
The bands for the tax year 2010/2011 are 0% paid at 0 – £125,000, 1% paid on properties costing between £125,000 and £250,000, 3% between £250,000 and £500,000 and 4% for more than £500,000.
The bands were changed in the 2010 Budget. First-time buyers can secure a two-year temporary stamp duty relief up to £250,000, from 25 March 2010.
A new 5% threshold above £1m was introduced from 6 April 2011.