Tax Evasion/ Avoidance Question

[centurian]

I'm curious to know how your, um, "friend" managed to avoid paying the full stamp duty when property transactions are usually handled by a solicitor.

For purchases involving a mortgage, the mortgage company will insist on the solicitor paying stamp duty, so the buyer has to pay the solicitor prior to completion before the mortgage company will release the funds.

For cash purchases, you can opt to file/pay yourself within the time limit (28 days after completion I think).

[Platypus]

I thought "they" could only look back 7 years. Forget it is my advice

[northernladuk]

I'd love to see the interest on that one

[webberg]

Can he confess to HMRC = YES
Will that result in a tax/interest/penalty = PROBABLY
Will that debar him from directorships or harm his credit standing = NO (it is a private matter between him and HMRC and is not public knowledge).

[BolshieBastard]

Let sleeping dogs lie and plead ignorance if hmrc did uncover anything. After 8 years id be very surprised if theydid start digging.

[Taita]

My guess would be a reduced purchase price with an (artificially) inflated charge for fixings and fittings.

Yes. That's the usual one but please share the others just in case some of us could not be bothered with traditional sleep!