Anyone know anything about a scheme (loophole) to avoid stamp duty on a house?

[Robert Caldwell-Heath]

If such schemes do not work, why are the Revenue trying to close them down?

Did you make any progress on this one, as I have had exactly the same call - 21st Sept 2009. Has anyone successfully achieved this or is it all a huge gamble?

I attended a presentation by my accountant recently on how one of the scheme works. I was shown the legal opinion etc. All made sense to me, and this scheme has been used successfully in over 200 cases. I intend to use the scheme myself. I am sworn to secrecy so cannot divulge any details. All I would say is do not fall for all the scare mongering, quite a lot of which is generated by the Revenue!

[realityhack]

I attended a presentation by my accountant recently...

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[Menelaus]

http://en.wikipedia.org/wiki/Conside...er_English_law



Nothing wrong with selling the house for a £1. Unsure as to the company implications.

Not sure about the company implications but SDLT will get you if you sell it at undervalue.

[Zippy]

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I suspect it won't happen unless we meet at a golf club

[BrilloPad]

Nope, this loophole has been mentioned in the budget but never closed.

Of course it might be closed retrospectively.

[BrilloPad]

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Does this mean we get a better class of gaff to have a party in?

[Paddy]

Had a call from a legal firm (linked to estate agents).

Basically, they form an unlimited UK company and you put your money into it. This company then buys the house and on the day of the exchange sells it to you for £1.

Legal fees about £15K to make this water tight.

Evidently only poor stupid people have been paying stamp duty, the rich don't pay it and the loophole has not been closed.

Anyone clued up on this?

Not legal because the IR is notified of the purchase and they will charge stamp duty on deemed value.

[xoggoth]

No idea but good luck. Given the way our tax money is wasted anyone who successfully avoids or evades tax on their own assets or income has my admiration. You might join my role of honour along with Wesley Snipes, Ken Dodd, Pavarotti, Lester Piggot etc etc etc. Don't let the fact that some of these are dead dissuade you.

Save our lives. Destroy the state!!!!!!!!!!!!!!!!!!!!!!!!!!

[Robert Caldwell-Heath]

Posh! Who me?

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Let me know if I win?