There are serious financial benefits available to property purchasers through utilising the Stamp Duty Land Tax Mitigation Scheme. Significant savings can be realised especially with purchase costs of £500,000 and over.
Stamp Duty for property prices between £500,000-£999,999 has increased to 4% since March 2010, and with an increase to 5% Stamp Duty for properties costing £1,000,000 (from Jan 2011) or more, the Stamp Duty Tax can seriously damage your wealth!
You don't have to be a millionaire to benefit from stamp duty mitigation planning either. You can potentially save a large amount of Stamp Duty Tax even if you are buying a property at £400,000. This applies to both residential and commercial property in England and Wales. Yes, there are associated costs but overall you still potentially save £1000's of stamp duty compared to without any sort of tax planning and paying the full standard Stamp Duty Tax.
You may be aware, a while ago, The Independent newspaper ran an article about the Labour Party’s use of SDLT planning which saved them £210,000 in stamp duty land tax. Here are some highlights of what you could expect as a client to see in any particular stamp duty mitigation plan: -
1). Schemes have been running for a good length of time.
2). That its proven to work in a good number of cases.
3.) Applies to both residential and commercial property.
4.) Minimum vendor involvement.
5.) Doesn't matter if you have already exchanged.
6). The planning is backed by a robust Counsel’s Opinion given by leading Tax Counsel.
7). The plan has been disclosed to HMRC and has a corresponding scheme disclosure number ensuring that it is fully compliant with HMRC requirements for tax planning.
8). That any queries by the Inland Revenue have been promptly and easily satisfied.
9). That the saving from the scheme is substantial.
10). That the scheme is low risk and non-aggressive and does not involve either the vendor or the lending institution involved in the transaction or effect either their title, security or ability to realise funds from the sale of the property.
How does it work?
For more information please call Zach Kendal 0870 063 8661 and he can put you in touch with several Tax Lawyers which can help you save £1000's straight away.
Remember, EVEN if you have already Exchanged on your property you can still apply for these large savings - so don't delay - call 0870 063 8661 today!
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Independent Stamp Duty Mitigation & Stamp Duty Exemption Planning Advice. If you could potentially save £1000's by using Stamp Duty Land and Tax planning strategies, why would you not want to save your money?
For information of users: This material is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore, no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or firm.
