Stew Posted August 6, 2007 Posted August 6, 2007 Could you both agree a price and then just take off the stamp duty so the price paid is the same? I realise this is a variation on a theme of tax evasion however it would reduce the cost by an amount that shouldn't ring alarm bells. That way you are paying the correct amount for the house and the stamp duty however you are not breaching your monetary limits. Quote
nixy Posted August 6, 2007 Author Posted August 6, 2007 call me thick here but that's totally confused me..........I never was good at maths. Quote
Stew Posted August 6, 2007 Posted August 6, 2007 My suggestion? Can't remember the stamp duty rate. Call it 5 %. Your house 300k so stamp duty is 15k. You agree to sell house for 287k then when the stamp duty is added the total is 300k. You do the same for the other house 365k value, agree sale at 348k then with stamp duty it's 365k. I wouldn't have thought it would flag up much at the land registry. Quote
Guest prescience Posted August 6, 2007 Posted August 6, 2007 My suggestion? Can't remember the stamp duty rate. Call it 5 %. Your house 300k so stamp duty is 15k. You agree to sell house for 287k then when the stamp duty is added the total is 300k. You do the same for the other house 365k value, agree sale at 348k then with stamp duty it's 365k. I wouldn't have thought it would flag up much at the land registry. not sure you got this quite right mate. Quote
Guest prescience Posted August 6, 2007 Posted August 6, 2007 I think if you look at what Person A pays (including stamp duty to land registry) and what person B pays (including ...), then reducing the price doesn't make any odds to the P&L account for each party Quote
Stew Posted August 6, 2007 Posted August 6, 2007 True. I was just looking at budget though. If you don't want to exceed a budget then lowering the value will allow you to buy a house and pay stamp duty without exceeding it. Quote
nixy Posted August 6, 2007 Author Posted August 6, 2007 but because it would reduce my equity i'd have to borrow more so it would work out the same? But of course percentage wise the tax man would get less of it - or am i wrong? Quote
Stew Posted August 6, 2007 Posted August 6, 2007 Who knows Nixy! I was just making a suggestion. It would reduce your equity though. Quote
Zedrush Posted August 6, 2007 Posted August 6, 2007 why not just swap houses, literally, change identity to the other owners name, and then take a mortgage out of 65k on your new house and pay the other people off for the rest of the profit No fee's no taxes, no problems, gosh im a geniARSE Quote
Guest prescience Posted August 6, 2007 Posted August 6, 2007 why not just swap houses, literally, change identity to the other owners name, and then take a mortgage out of 65k on your new house and pay the other people off for the rest of the profit No fee's no taxes, no problems, gosh im a geniARSE Good idea I would like to be the first person to welcome Dorothy Butterworth to the forum and get some pics of that Astra up pronto Quote
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