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House Swap (stamp duty etc)
neillybhoy
Posts: 8 Forumite
Hi There
i'm looking for some info, I have agreed a house swap with someone and the difference between the houses is around 80,000. I am looking to save as much as possible on stamp duty and fees during the swap. Legally what is it possible for me to do as regards paying stamp duty etc. My property is worth 150,000 with the other being worth 220,000. Is it possible to lower both values to save on stamp duty etc when we swap? If so how much could we lower and what stamp duty would be due? In any information would be of great help
Thanks
i'm looking for some info, I have agreed a house swap with someone and the difference between the houses is around 80,000. I am looking to save as much as possible on stamp duty and fees during the swap. Legally what is it possible for me to do as regards paying stamp duty etc. My property is worth 150,000 with the other being worth 220,000. Is it possible to lower both values to save on stamp duty etc when we swap? If so how much could we lower and what stamp duty would be due? In any information would be of great help
Thanks
0
Comments
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It used to be the case that the purchaser of the higher valued property would pay stamp duty on the difference and the other purchaser pay nothing. The rules were tightened and this loophole is now only available to builders part exchanging.
You could probably get away with lowering the values by a few thousand (prices for a quick sale!) and get upto £1,000 on each to be counted as fixtures and fittings rather than sale price. I doubt any honest solicitor is going to be prepared to do more than that.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
On exchanges such as this tax is paid on the market values of the properties involved.
This means it is not possible for you both to knock a bit off the price in order to reduce the amount of tax you pay without it becoming tax evasion.
RiskAdverse1000
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