Avoiding stamp duty

pstones578

Is there any way of avoiding stamp duty on a property over £120,000?

davilown

pstones578 wrote:

Is there any way of avoiding stamp duty on a property over £120,000?

are you buying in a (deprived) redevelopment area? this can move the stamp duty level to 150,000.
Alternatively, could you offer below the 120,000 mark?

There are some good people on here who will be able to help you. Andrewsmith is one of them but there are many others!

good luck
:beer: monster

AndrewSmith

@ Davilown :beer: thanks for that nice to be appreciated my friend.

pstones578

What is the actual purchase price of the property you have in mind?

As davilown rightly says above it can depend on where you are buying. Also it depends on how much over the threshold you are.

Cheers

Andy

pstones578

Buying at £134,000 and the property is in Bolton.

itneverrains

Yes,

You can offer just under the threshold, and offer say up to £3000.00 for white goods thus avoiding the stamp duty

AndrewSmith

Let me have a think, and I will call a solicitor friend of mine tomorrow to get his view on it.

Sorry I can't be more help right now

Andy

canny_yorkshireman_2

I thought the thresshold was 120K he would have to stump up 13k for the white goods fixtures and fittings and would probably attract the attention of the relevent govt body surley a better way is to negotiate the price down to the ceiling and comprimise with the seller on a cash settlement so both win
hth

Ian_W

It's fraud if you do it that way, yorkiebar, but each to their own!! HMR&C are apparently very closely scrutinising all transactions close to SDLT thresholds and won't nod through f&f's exceeding £1k - so several solicitors who post on here have said in the past.

There will be deprived areas in Bolton that are exempt but I'm sure the prop would have been advertised as exempt if that were the case. The only way to avoid Stamp Duty if it's not an exempt area is pay £120K or less or commit tax fraud. Your call.

Gem+Dave+Kaci

I've found through my current house-hunting that not all houses are advertised as 'stamp duty exempt' on estate agent websites and in newspaper adverts.

A good site to check is http://www.hmrc.gov.uk/so/england.pdf as it lists all the areas in England that are stamp duty exempt.

In yoru case: In bolton the 'deprived' areas (which in my opinion are sometimes just as good as the 'normal' areas) are listed as....

Central
Derby
Farnworth
Tonge
Halliwell
Burnden
Harper Green
Breightmet

So all houses in these areas should be stamp duty exepmt upto £150k.

Hope this helps!!

hazeyj

Just call the stamping office in manchester 0161 834 8020 :A and give them your postcode. Its takes mins to check. Is the property in a regeneration area? If its a new flat then it may well be excempt as long as its under 150k.

rowan7ny

I have been told that the buyer can offer to pay the sellers estate agents fees if they offer a price just below the stamp duty rate and want to help out to give the vendor more money .would thid be legal?also there is something about purchasing furniture etc as a cash deal over and above the sale price of the house.