Buyer trying to avoid stamp duty !

guppy

seven-day-weekend wrote: »

It goes on in Spain all the time and for much larger amounts than £10k. It's illegal but widespread. Sometimes people underdeclare by as much as 30% and the 'black'money is then paid in cash.

Interesting...I'm sure 30% below would stick out like a sore thumb to HMRC/Stamps Office.

seven-day-weekend

I know some people who paid over their black money in the Bank Manager's office and some others whose notario (the lawyer who completes the house purchase) asked them how much they were going to declare!

But I repeat, it IS illegal and I wouldn't recommend it and certainly not in the Uk where the authorities are far more vigilant!

Biggie

I know in counties like Russia and India it's quite common to purchase property without going through the offical channels.

But as many say shouldn't do it in the UK.

Also just to note solicitors don't normally have any knowledge of the transaction and as many say they would not have anything to do with it.

EA know it's happing but don't play an active part they just let you get on with it.

Personally I wouldn't have anything to do with it as said ealier. There is now advantage for me it's the purchasers tax bill not mine.

Generali

It is my understanding that in Spain this can lead to problems if you get compulsarily purchased - the compensation paid is related to the price of the house. Understandably, the govt takes a dim view if you try to argue that you should get more because you paid some of the price in cash to evade tax!

Mozette

Just don't do this. I don't doubt that there are people who get away with it, but then what if you don't? Is it really worth it?

londondealer

I personally like to sleep well at night. Peace of mind is priceless.

Zammo

With market conditions the way they are, you'll be hard pressed to find another buyer before Christmas. Seriously, I'd take the money and run, there's no way you'll ever get caught.

How do you think the big boys make their money, by playing it straight down the line? LOL, they take risks and know all the short cuts. Or do you want to be just another one of lifes losers?

Nenen

Zammo wrote: »

With market conditions the way they are, you'll be hard pressed to find another buyer before Christmas. Seriously, I'd take the money and run, there's no way you'll ever get caught.

How do you think the big boys make their money, by playing it straight down the line? LOL, they take risks and know all the short cuts. Or do you want to be just another one of lifes losers?

Yes and just think of all the money you'd save on food, clothes, heating etc if you take Zammo's well-substantiated :rolleyes: advice and have a little holiday at her Majesty's pleasure!

guppy

Zammo wrote: »

Or do you want to be just another one of lifes losers?

Yes, all you honest "losers" ought to be ashamed of yourselves! Just imagine how much better this country could be if everyone followed Zammo's shining example...:rolleyes:

RabbitMad

Alot of people on this thread seem to be confused. The buyer is responsible for stamp duty and it is not the vendors responsibility. Accepting £10K in cash is not illegal. You would not be breaking the law in any way.

Your biggest worry should be would the buyer actually give you the 10K. Would they give you a rubbery cheque or pay in some other means that will leave you out of pocket should the buyer be pulling a fast one on you as well as HMRC.

As I said in my earlier post, if you go down this route a little call to HMRC after you've completed would wrap things up nicely.