Avoiding stamp duty?

JasonLVC

http://www.taxationweb.co.uk/forum/sdlt-mitigation-scheme-t28510.html

Interesting forum link for the OP.

Post two more or less explains the concept of how the scheme works.

It's hardly a 'trade secret' - but like all things tax related, the devil is in the detail and to engage in tax planning like this would require good advice to ensure it can withstand a robust attack from HMRC. Such schemes are known to HMRC and are usually notifiable to them as such - that doesn't mean they are dodgy (but equally doesn't mean they are 100% risk free).

JasonLVC

protheroejones wrote: »

I do this day in/day out. I'll not be so vulgar as to comment on the size and turnover of my company but I can assure you we certainly are not concerned whether or not we attract business from this site. Put quite simply - we really do not need the business.

Gareth C. Norris
Protheroe Jones Wealth

The rules of MSE Forum is that if you wish to advertise you seek permission first. Advertising can be in the form of links or trading names in your signature or postings - so in that regard, your post breaks forum rules. But as a new member, you may not have been aware of this.

I myself represent a very large and succesful international tax practice both in the UK and Switzerland and make many posts here dealing with indirect taxes but I prefer to help forum members with my knowledge without the need to promote my business.

It does seem odd to go to all the trouble of registering on MSE and then not really offer any advice on the subject other than "call me".

googler

protheroejones wrote: »

For anybody who has a genuine interest in Stamp Duty Land Tax mitigation or related queries, please feel free to contact me and I will assist you as best I can.

Well, that may be difficult, since you have no phone number, and as previous posters have pointed out, you appear to have no web presence, and lack any record at Companies House...... as you can tell by my pen name, I'm quite fond of searching online, and the only trace I can find of you from a brief search is this thread.

To all intents and purposes, it looks as though you don't exist, in the business sense.

JasonLVC

seabright wrote: »

Neither "Gareth C. Norris" or "Protheroe Jones Wealth" return any relevant results on Google. "Protheroe Jones Wealth" is not registered as a company at Companies House either, although Mr Norris states he is a company director (although, of course, PJW might not be the company name).

I would have thought that such a large and successful business would have had some sort of web presence.

I've had dealings with 'wealth managers' in the past, they are usually formed as Partnerships and so in that regard are not companies and will not usually appear on Companies House records.

JasonLVC

protheroejones wrote: »

we certainly are not concerned whether or not we attract business from this site. Put quite simply - we really do not need the business.

Then why did your first post state :-

"Additionally, if anyone is interested in using the services of my company to access such a scheme please do not hesitate to contact me."

You also stated :-

"In the interests of confidentiality we do not discolse full details of how such a scheme works; however, if you have a particular query I'd be more than happy to provide further information - either on this thread or by email."

So in that regard, the OP has stated their scenario, so can you please provide further information on this thread, as you promised. There is no confidentiality in explaining the specific details of your scheme.

timmyt

protheroejones wrote: »

INCORRECT:
There are no loopholes anymore... (seabright)

INCORRECT:
...designed for properties closer to £1m... (timmyt)

INCORRECT:
...a lot of extra legal paperwork... (timmyt)

INCORRECT:
...not widely used... (timmyt)

INCORRECT:
Not for the routine transaction of £500k... (timmyt)


As for the comment regarding "spam" I posted my original views on the subject as I am highly experienced in this area. By that, I do this day in/day out. I'll not be so vulgar as to comment on the size and turnover of my company but I can assure you we certainly are not concerned whether or not we attract business from this site. Put quite simply - we really do not need the business.

Or is the real problem that there is someone commenting on the subject area who actually has experience in it - rather than making 'trumped-up' claims which cannot be substantiated?

The intention, therefore, of my post was to provide genuinely interested people with the true facts regarding SDLT mitigation - isn't that what this site is designed for?

I'm happy to back-up my claims with facts. Would the individuals I've quoted above also like to do the same? In doing so, it would be useful to know just how much technical experience you have within this field - i.e. transactions to date, success rates etc.


Gareth C. Norris
Protheroe Jones Wealth

I am dead right I am afraid. Don't be misled OP and posters. I am a property solicitor and we all look for SDLT schemes that are 100% proof, none are.

googler

timmyt wrote: »

I am a property solicitor ...

If you apply the same care to your work as has been shown in your posts here, then heaven help your clients.....

timmyt

googler wrote: »

If you apply the same care to your work as has been shown in your posts here, then heaven help your clients.....

Good grief, how mean a poster are you!

CHIP, SHOULDER, HUG come to mind

googler

I judge 'professionals' by what they say and how they say it.

If they come on to boards like this and repeatedly sling mud at others, using language littered with grammatical errors and spelling mistakes, that informs my judgement.

Essentially, I hope your work with your clients shows a better standard of English than you've shown here.

Call it 'mean' if you want......

bombardier

I read this thread with interest last night. Thank you JasonLVC too for your link to taxationweb. During a conversation with my parents yesterday evening (both in their 60's), I found out that they are using a solicitor who is offering this 'scheme'. What they were telling me about it (at least their understanding) didn't make sense, and I'd never heard of such a scheme so started googling and came across this thread.

I'm really concerned about it, and wondered if someone could enlighten me further.

My main worries:

1) Does the title of the property remain in the solicitor (or holding company's) name? If they went bankrupt or into administration etc. within a set period would my parents lose their house as it's not really theirs? During the initial period following the completion of the sale do my parents have any rights to the property at all?
2) Could someone clarify the 9 months vs. 6 years subject? Where do those two ranges come from, and which is in effect?
3) If I understand it correctly, my parents are buying a house valued at £362,500 (with no mortgage, so real money is at stake here), so SDLT should be £10875 - does ANY amount get paid to HMRC for SDLT? It seems for all the world that HMRC never receive a penny, and the solicitor is charging them a 1.5% fee (£5437.50) for doing it? Being a Company Director and jumping through hoops for HMRC at present makes me highly suspicious that they never follow up? Also, should they follow up would my parents have to pay the SDLT amount due (10k) PLUS a penalty of up to 100% of the SDLT?
4) I found a company advertising what looks like this service but with a different slant. Their 'how it works' page makes it seem that it's all to do with the amount of money paid? I'm not sure that posting links is allowed on here but if you google 'avoid stamp duty' you'll find them - they have an orange and green site.
5) As someone else has asked on here, would it make a difference if they did want to get a mortgage on the property within a few months of completion?

Just in case it makes a difference, my parents explained it to me like this (they really have no idea about all this stuff, and I think are being led by their financial advisor): The solicitor buys the house, transfers it somewhere else (they said abroad) and then sells it back to them for £1 but it takes 8 months or longer to go through.

I also found this on another site: "The extension of the Disclosure of Tax Avoidance Schemes regime to residential transactions will have significant impact on many practitioners and complicate the lives of residential conveyancers as may the outcome of HMRC’s "working with tax agents” consultations. Moreover, HMRC is thought to be about to take an increasingly militant stance in relation to SDLT avoidance."

Should I be warning them off of doing this?! And further info that anyone has would be greatly appreciated.