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Stamp Duty - being taxed twice!!!
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kmbstfc1
Posts: 1 Newbie
in Cutting tax
Hi
I bought a Property by auction for £145,000. There was a reservation fee of 5% + VAT which is ££8,700. So that's tax at 20%. When it came to fill in the Stamp Duty consideration, the Solicitor filled this in with 145,000+8,700=£153,700, so that means I am getting taxed AGAIN on the Reservation Fee (which is inflated by the VAT). It seems morally wrong to be getting taxed twice and on something that has been taxed alreday at 20%.
I bought a Property by auction for £145,000. There was a reservation fee of 5% + VAT which is ££8,700. So that's tax at 20%. When it came to fill in the Stamp Duty consideration, the Solicitor filled this in with 145,000+8,700=£153,700, so that means I am getting taxed AGAIN on the Reservation Fee (which is inflated by the VAT). It seems morally wrong to be getting taxed twice and on something that has been taxed alreday at 20%.
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I don't know if the solicitor was right to add the fee to the stamp duty consideration?! Presumably since it's their job!0
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