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Stamp Duty
stormsky
Posts: 21 Forumite
Hi, just wondering if there is a way aroung paying stamp duty, for instance £128.000 offer accepted on property if the £124.500 and the remainder was payed separately would it be possible to do this.
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Comments
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Hi, just wondering if there is a way aroung paying stamp duty, for instance £128.000 offer accepted on property if the £124.500 and the remainder was payed separately would it be possible to do this.
You mean money laundering?(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
seven-day-weekend wrote: »You mean money laundering?
Surely you mean tax evasion?0 -
We don't want tax-cheats in this country, any more than we want benefit cheats... If I had my way we'd deport all of both of them.,... (yes I know the law would have to change but that's what Parliament is there for, to change the law...)
Tax-fiddling & benefit cheating are both theft from the decent hard-working taxpayers...
Clearly the patriotic thing to do is to pay all taxes due promptly & with good humour: We know we can rely on you to do the decent thing....
Cheers!0 -
(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
The stamp duty would be £1280 so not worth a criminal record for really.I’m a Forum Ambassador and I support the Forum Team on the Old style MoneySaving boards.
If you need any help on these boards, please let me know.
Please report any posts you spot that are in breach of the Forum Rules by using the Report button, or by e-mailing forumteam@moneysavingexpert.com.
All views are my own and not of MoneySavingExpert.com0 -
thank you for the reply's I guess the answer is no then....can't say I agree with this stamp duty but hey ho that's life I guess.
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So if many of us were to 'disagree' with Car Tax, VAT, Income Tax, Corporation Tax, etc, it would be OK to duck out of paying them....? Then where would the country be...?
The Duty is payable on the full 'consideration' that you pay for the property.
If you pay £124,000 through your solicitor and give the seller £3,000 in used 10s, 20s and 50s, you're still paying £127,000 for the house, whichever way you look at it, and the tax is due on that £127,000.0 -
So if many of us were to 'disagree' with Car Tax, VAT, Income Tax, Corporation Tax, etc, it would be OK to duck out of paying them....? Then where would the country be...?
The Duty is payable on the full 'consideration' that you pay for the property.
If you pay £124,000 through your solicitor and give the seller £3,000 in used 10s, 20s and 50s, you're still paying £127,000 for the house, whichever way you look at it, and the tax is due on that £127,000.
In Andalucia in Spain you would pay £115 and have that put down as the selling price, then give the seller 12k in used notes, and pay tax on £115k. (both parties have to pay taxes - purchase tax for the buyer and selling tax and CGT for the seller ).
This transaction would more than likely be done in the solicitor's or bank manager's premises.
Totally illegal, but very widespread and condoned by all the professionals working for you.
That's one reason Spain is in such a mess.
(I hasten to add we did not do this when we sold our Spanish house earlier this year!).(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
can't say I agree with this stamp duty but hey ho that's life I guess.
I'm sure you are not alone. Speaking as someone who is about to shell out several thousands I wish there were a legal alternative however when I last went to buy petrol the owners of the station were quite angry with me when I said I wouldn't pay 136.9p per litre as that included a load of tax I didn't agree with and would only give them 48p per litre. They even threatened to call the police!0 -
seven-day-weekend wrote: »In Andalucia in Spain you would pay £115 and have that put down as the selling price, then give the seller 12k in used notes, and pay tax on £115k. (both parties have to pay taxes - purchase tax for the buyer and selling tax and CGT for the seller ).
This transaction would more than likely be done in the solicitor's or bank manager's premises.
Totally illegal, but very widespread and condoned by all the professionals working for you.
That's one reason Spain is in such a mess.
(I hasten to add we did not do this when we sold our Spanish house earlier this year!).
It's also condoned in this country - I've looked at 8 properties over the summer in the £270-£280k price range with various estate agents and ALL suggested I offer £250k plus extra as cash in hand that they would facilitate...
In fact on checking sale prices compared to what they were listed for it seems very strange that many properties in my area that are on sale for £270k-£280k sell for £250k...
Well maybe not that strange...0
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