Stamp Duty Land Tax Mitigation Schemes

Matt-UK_2

I've been searching for a conveyancing solicitor and one of the solictors that has come back to me has informed me that they also work with a Tax accountant that operate a SDLT mitigation scheme.

The scheme is said to 'potentially' save me 50% of the stamp duty (circa £7,500) for a £500 fee. Does anyone: -

- have any experience of these being successful / unsuccessful?
- understand the principle of how SDLT can be reduced on these schemes

TIA

Twitter-Salispropnews

Yes, many conveyancers know a Financial Adviser who can put you in touch with outfits who claim to offer such schemes. Be careful, as there is none that is guaranteed, and associating yourself with something dodgy exposes you to the wrath of the Revenue.

£500 is too cheap, as the typical property value able to save is @£700k, and you should expect to pay £1000s not hundreds for the advice. Barristers have given expert opinion in the area, so be careful and you should only consider paying if the SDLT is avoided.

Matt-UK_2

Twitter-Salispropnews wrote: »

£500 is too cheap, as the typical property value able to save is @£700k,

My opurchase price is £495k, is this appropriate for the scheme.

Can you explain the principle on which the saving can be based?

Yorkie1

Try a search on this forum, this question comes up regularly.

It is generally viewed as an ill-conceived plan.

FTBFun

What Yorkie1 said.

I suggest you avoid.

theartfullodger

Surely the patriotic thing to do is pay all due taxes promptly & with good humour, rather than search out some fiddle...

Matt-UK_2

Thanks Yorkie, FTB

theartfullodger wrote: »

Surely the patriotic thing to do is pay all due taxes promptly & with good humour, rather than search out some fiddle...

would be happy to if I could guarentee the money was going to be put to good use and not an over inflated state / put into the pockets of the workshy

Rant over

geoffky

tread carefully..what other tax business have you got that you would not like a investigation done on,because the tax man might decide to look at all of your tax returns..

sunshinetours

As others have said do a search first and read about some people who have already started receiving HMRC demands.
The schemes claim to offer a 100% success rate or you money back geberally - what they may not cover is interest and penalties and possibly a criminal recors if the schemes have not been fully disclosed - and it would be you ultimately responsible not the company you pay to do it for you

Finally not agreeing how a government spends its resources are used is never a valid excuse for not paying taxes - that is generally something people try and use when they are trying to justify breaking the law themselves