Dingdongler

What's this all about then?

www.avoidingstampduty.co.uk

Trout

iTrader: (1)

Don't you read the papers?


This was last weeks political hot potato du jour!!!


Basically transfer your house to an offshore trust or corporation. Sale time incurs no stamp duty.

RobsyUK

iTrader: (2)

Or buy it for less then £250,000.... We got ours for £20k less !

Dingdongler

I do read the papers and I knew people used these off shore vehicles but I assumed they were only worth doing for properties worth many millions due to the admin costs involved.

The website seems to indicate that it can be worthwhile on any property over £250k. So why doesn't everybody do it?

davyboy

People who do this are as bad as benefit scroungers.

zip106

Why should you have to pay tax on something like a house that you've bought with taxed earnings?
I don't think any abode should incur a purchase tax.

I wouldn't class it as stealing from the state when you've already paid your dues, unlike benefit scroungers.

If there's a legal way around it then why not?
Up to the powers that be to stop it.

davyboy

If you are using property to make money, you should pay tax on it. Simple.

zip106

Fair enough.

But that's different to actually purchasing property.

Do you agree with inheritance tax, too?
You know, getting taxed when you die?
It happens to all of us!

hodgy0_2

lets face it guys, once your earnings are over a certain amount, tax is negotiable

you pay what you want

and as davyboy points outs it makes the single mother working a few shifts at the pub to support her kids pretty small beer

Dingdongler

Who said anything about making money on it?

davyboy

No, I feel inheritance tax is unfair.

CrisPDuk

That's not what stamp duty is about though is it Davy

davyboy

Well that's true of course. But I do get fed up with tax avoidance, yet at the same time people moaning about scroungers.

Dingdongler

Why? What do you have against using legitimate instruments as laid out by HMRC to adjust ones tax liability?

Lets say you have a bloke who busts his b3lls 24/7 and then splits his income with his wife (who doesn't work) to take advantage of lower tax brackets.

You see this as the same as a bloke who though fit decides not to work his whole life, produce 6 kids, claims a council house and spends all day drinking, smoking and playing on his xbox?

davyboy

I am sure in the example you gave, this layabout would also see that he was using legitimate instruments as laid out by HMRC.

Trout

iTrader: (1)

Why?

There is a system of rules that apply to everyone - some use it better than others - within the rules and legal then why not?

Tax evasion is a whole different ball game of course!!!

I am much more annoyed at the cash in hand game where half the service providers in the UK evade income, corporation and value added taxes. Illegal and immoral.

BlkKnight

Tax avoidance is very different in my book from tax evasion.

Tax avoidance is using the systems put in place by our good government. Simply not taking advantage of these systems is stupidity.

Dingdongler

Example 1, the bloke has a positive role in society and pays taxes

Example 2, the bloke only takes out of the system and puts nothing back in again

Simples


Anyway, back on topic. Has anybody used these stamp duty avoidance schemes with success?

Thanks

vindaloo

...or bankers or rich people...

BlkKnight

I may know someone who has done it.

Only really beneficial if you over the top duty threshold.

PM me if you need details

J4CKO

iTrader: (1)

Kind of on the fence with this, nobody wants to pay tax but we have to, to keep things going.

It really annoys me to see billionaires going untaxed through loopholes, though I can understand some kind of avoidance for those trying to feed a family or make ends meet.

I think we need inheritance tax, stamp duty and whatever as otherwise it will all go on wages.

It is annoying the government scraping round cutting this and that when people spirit a Billion pounds offshore, just because you can do it, doesnt mean you should, there is a certain moral obligation to pay tax and if everyone paid the burden would be much less.

I am no socialist but I think the super rich are ruining this world, its like the end of a game of Monopoly when someone has all the money and hotels, the rest scurrying round trying to keep going, what happened to Altruism and Philanthopy ?

Does anyone need Billions, what do they get out of it, I dont understand, I understand rich but sometimes it just seems to be for the sake of it, I like Bill Gates style, Warrent Buffet as well but Phillip green and his ilk make me wonder what motivates them ?

Midlife......

iTrader: (2)

Didn't The Osbourne boy say he was going to close the loophole pronto ?

Shaun

PS not everyone can split their earnings with a non-working wife

andy97

iTrader: (1)

I know of somebody who did this. Saved themselves £15K(mates rates) fees aren't cheap by all accounts so it only becomes really worthwhile if you have a large value property to buy.