SDLT advisors can only ensure that you are maximising or benefitting from legitimate SDLT relief or exemptions for example, multiple dwellings relief, mixed-use properties, uninhabitable properties etc. It is always advisable to only use reputable law firms if you are looking for ways to mitigate your SDLT.
Fill out the form and we will be in touch to discuss how we can help. You can also WhatsApp or call us. What is Stamp Duty? Can I avoid paying stamp duty on second homes? How Can Cannon Chambers Help? Conditions on individual and entity licences. Responses to external consultations.
Thematic reviews. Client care letters research. All research reports. Speeches and presentations. Monthly newsletter. Overriding Principle 2: Maintain high standards of work In order to demonstrate that you are maintaining a high standard of work, you should advise your clients of the risks, and in particular of the monetary penalties in the form of penalties and interest and the risk of prosecution, associated with taking part in such schemes.
Overriding principle 3: Act in the best interests of your client Saving your client money on their purchase may seems to be in their best interests. Council for Licensed Conveyancers.
This website uses cookies We use cookies to improve your experience on our website. Decline OK Show details. Show details. Cookie declaration About cookies. Necessary 1 Statistics 3 Marketing 5. Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website.
The website cannot function properly without these cookies. Statistic cookies help website owners to understand how visitors interact with websites by collecting and reporting information anonymously. Session HTTP. Complying with their investigation is likely to take up much of your time.
If HMRC find evidence of evasion then you could be liable to pay the full stamp duty cost, as well as the same amount again as a fine and both sums subject to interest. Because property transactions are high value and easy to follow, SDLT evasion is a type of tax evasion that HMRC is particularly keen to investigate and prosecute. Where a mitigation scheme has not been classed as illegal, putting the scheme into place may require considerable fees.
For example, any scheme that structures ownership through offshore companies or trusts requires those companies and trusts to be set up and then maintained. Solicitors may also charge more for the conveyancing if a scheme is involved. If you want to buy a property with a mortgage and you wish to use a mitigation scheme, then you will need to disclose the scheme to the lender. Most lenders reject any application where a scheme is proposed. For example, some transfers of property under a Will to a spouse for example and transfers as a result of a divorce.
Please note that the information provided on this page:. We would love to hear what you think about this article and how we could improve it. The above avenues do not involve a number of complex transactions or inserting artificial holding companies or similar.
They are based on the application of the rules as set out in Finance Act and your SDLT bill can be significantly reduced by simply identifying that you are eligible for them. The HRC has been around for a while now but it is still extremely unpopular with purchasers as it significantly increases a SDLT liability.
If you are buying through a company, purchases of residential property are automatically caught. This part of the legislation presents the opportunity to apply non-residential SDLT rates to what may previously have been considered to be a residential property. This relief has the biggest potential savings because the non-residential property rates of SDLT are significantly lower than the residential rates.
We have had success in claiming refunds for a number of clients in this area and examples of the types of commercial use within what would normally be considered to be a residential property may include:. There are numerous other scenarios that may qualify and each purchase should be reviewed on the facts with evidence required to support the claim. This is our bread and butter and the relief does what it says on the tin — if you purchase multiple properties in one transaction you can claim a relief on the total SDLT payable.
The mechanism of relief is, rather than paying SDLT on the overall purchase consideration, the purchase price is divided by the number of properties.
0コメント