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where does stamp duty start?
Canned_Heat
Posts: 4 Newbie
Im buying my parents house, its worth £150000, but will sell to me for £120000. Am i right that stamp duty is only above £125000? Will we be treated as evading tax? We are not they are just selling to me as a favour and it means they wont have to use an estate agent and can stay in the house till they find somewhere they really like. All makes sense but just not sure if Mr tax will want some bread.
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Comments
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If you buy below the market price you still have to pay stamp duty based on the market price.0
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King_Of_Fools wrote: »If you buy below the market price you still have to pay stamp duty based on the market price.
Perfectly true.
However, if the price you pay is near the market price you're likely to either get away with it or only have to pay up the stamp if challenged. My guess is that 20% in a turbulent market like we have now is unlikely to come on the radar. Then WTFDIK.
You're not trying to do one of these blatant evasion schemes like paying £30k for a washing machine. It'll be hard for HMRC to prove that this is anything other than a genuine mistake.
Get it wrong of course and you're playing 'Hunt the Soap' with Mr Big in the showers for the next 6 months.0
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