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RRP

Stamp Duty Evasion.

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I have heard of a recent crackdown on stamp duty evasion.

For example, you pay £250k for a house and say another 25k for fixtures and fittings, worth say only 10k and thus pay the lower duty threshold.

Now, does anybody have a clue as to what is deemed a reasonable figure for fixtures and fittings on say a £250k house? :huh:

Edited by RRP

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I have heard of a recent crackdown on stamp duty evasion.

For example, you pay £250k for a house and say another 25k for fixtures and fittings, worth say only 10k and thus pay the lower duty threshold.

Now, does anybody have a clue as to what is deemed a reasonable figure for fixtures and fittings on say a £250k house? :huh:

Depends on the value of the fixtures and fittings themselves and whether they justify the price tag.

EDIT: Just re-read your post. Anyone who grossly overvalues fixtures and fittings risks prosecution for tax fraud. Anyone potentially complicit in this may also risk prosecution (i.e. solicitors etc.)

Edited by JST

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I believe the IR (or whatever they're called now) are looking closely at this, so if anyone's caught they get a criminal record now

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I believe the IR (or whatever they're called now) are looking closely at this, so if anyone's caught they get a criminal record now

So the government would rather chase up a few grand in tax evasion rather than the billions of money lent under the 'lie to buy' mortgages? Figures!

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Depends on the value of the fixtures and fittings themselves and whether they justify the price tag.

EDIT: Just re-read your post.  Anyone who grossly overvalues fixtures and fittings risks prosecution for tax fraud.  Anyone potentially complicit in this may also risk prosecution (i.e. solicitors etc.)

Come and get me copper.

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So the government would rather chase up a few grand in tax evasion rather than the billions of money lent under the 'lie to buy' mortgages? Figures!

Of course it would. "Lie to buy" mortgages have to be repaid and the government loses nothing from them, tax evasion deprives the Treasury so clearly it's a government priority. It should be ours too - stealing from the government is robbing the tax payer, ie you and me.

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Guest Riser

I suspect the increasing discounts accross the full range of house prices will be centered around the 120 250 and 500k stamp duty levels rather than simply houses at the top or bottom ends of the market.

As prices fall more and more houses will be draw in into the stamp duty no-mans land which resides ust above each stamp duty threshold.

We already expect houses priced at £275k to sell for around £250k so as the crash goes on we should start to see houses originally placed on the market for £300 being discounted and falling into the £250 sale region. It will be interesting to see if the Nationwide and Halifax data reflects this.

Edited by Riser

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As prices fall more and more houses will be draw in into the stamp duty no-mans land which resides ust above each stamp duty threshold.

Interesting point here Riser. The house I was interested in was reduced from £315 k to 279k. Now that means the buyer would incur something like an 8k contribution to Tony and Gordon’s paradigm. Can't see buyers queuing up to contribute on this one.

The EA who sold our house reckoned on about £5-7K would be all that you could get away with, that was about 3 years ago though and I don't think they had cottoned on to this at the time

No I don't think they had cottoned on judging by the stories I heard from a local property dealer. Seems like he was really taking the pssss.

I met the Winkworth EA who is selling the 6ft wide house in Sheps Bush this morning (right next door to a dodgy massage parlour). I pulled him out on the fixtures and fittings guidelines on a £250k (thereabouts) property.

His words; " 2 or 3k is not uncommon but push it over 4k and you will start raise eyebrows".

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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