Fixtures & Fittings

wilberf0rce

My solicitors are teh one's pushing me to get the F&F valued, but I have no idea who I could get to value them.....Are there companies around who do it?

googler

wilberf0rce wrote: »

My solicitors are teh one's pushing me to get the F&F valued, but I have no idea who I could get to value them.....Are there companies around who do it?

Won't your solicitor suggest who should value them, since they're the ones insisting on it...?

sirmosh

wilberf0rce wrote: »

My solicitors are teh one's pushing me to get the F&F valued, but I have no idea who I could get to value them.....Are there companies around who do it?

Now you've said what it is don't bother, you can't avoid SDLT by paying for those items, they're to be included in the price of the house, which means you either have to pay £255,000 + 3% SDLT or tell the vendors it's £250,000 or nothing.

wilberf0rce

I'm waiting for my solicitors to get back to me with a company, I assume they have one in mind. I'm having trouble getting any luck with a company using google....

paddy's_mum

Perhaps your solicitor is using the request to 'find yourself a valuer' as a polite way to tell you that they want no truck with any plan that may conceivably be construed as tax evasion.

Have they already expressed doubt and/or reservations which have gone over your head?

ItMightBeUsefulOneDay

wilberf0rce wrote: »

The current owner has custom made fitted wardrobes in the bedrooms, and lounge/diner (he does this for a living).

Fitted = part and parcel of the house

wilberf0rce wrote: »

They have recently replaced the upsatirs bathroom suite (more custom made cupboards in here) and downstairs loo (more cupboards here) among other things.......

Fitted = part and parcel of the house

wilberf0rce wrote: »

It doesn't sound much but they are of a very good quality......

Hmmm... who are you trying to convince here?

HMRC are a law unto themselves. They are the law. They make the law. They can decide a new law now and reprospectively apply it for years back. You CANNOT argue with HMRC, they simply won't listen and WILL take you to the cleaners if you've transgressed any of their rules, no matter how minor it seems.

HMRC look very, very closely at any house sale on the line of stamp duty. If they decide your fixtures and fittings don't amount to the £5k, they will demand their money then and there, plus interest, plus a fine.

You will need to list each item in the house (that isn't a fitted/fixed item) and list the second hand price for it. If this totals more than the £5k you're talking about here then you'll be fine. Keep the evidence (photos, ebay prices etc) for at least 10 years in case HMRC come calling.

Yorkie1

sirmosh wrote: »

HMRC say those things are subject to SDLT - http://www.hmrc.gov.uk/manuals/sdltmanual/sdltm04010.htm

This does look pretty conclusive.

caeler

Your solicitors should have been telling you what the other users of this forum have told you above, not asking you to get F&F valued. I think you should take sirmosh's advice and scrap the F&F idea. The items you have listed are fitted so don't qualify as chattels. Either accept you'll need to pay higher stamp or tell the buyers your offer is £250K all in or nothing. Nobody wants to get in trouble with HMRC!

wilberf0rce

Thanks everyone, appreciate your insight, I have spoken to my solicitor, and am just waiting for the estate agents to call me back.......

theartfullodger

Fiddling tax, apart from the legal consequences, is not the British way, is it.

Wilberforce
http://en.wikipedia.org/wiki/William_Wilberforce
would be spinning in his grave...