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House undervalued - dead end!
Comments
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Stamp duty was always based on the £250k purchase price, old rules or new.
It has always been based on the consideration paid, not the actual value.
CGT is based on the actual value, if it was applicable in this case.
The tax evasion brigade could wind their necks in a bit.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
AdrianC hits the nail squarely on the head.
OP wanted the tax benefit of buying the house for 250k. Now they're having a big cry that they've unintentionally devalued every house on their road. I can only suggest explaining this to hmrc and the LR and coughing up a cheque for six grand before the neighbours cotton on and break out the pitchforks.0 -
HAHA
SAVE £6000
Cost £7,200
Value PRICELESS!!
For everything else there's Mastercard
:T0 -
I don't quite understand the logic of devaluing every house on the road.0
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