Warning on Property Tax Avoidance
Following a recent increase in Stamp Duty Land Tax avoidance schemes the HRMC has conducted an exercise to determine the scale of the problem. It has revealed through the use of such schemes approximately 1200 people have not paid the right amount of Tax due on their property transactions and HRMC is sending out new Tax Assessments to the individuals it has identified as having paid insufficient Tax. Guidance notes have now been issued by HRMC giving notice that the schemes do not work and will be challenged by them and those seeking to bend the law will be pursued and may have to pay penalties. The old adage “if it seems too good to be true it normally is” clearly applies when dealing with Stamp Duty Land Tax!
For any further advice regarding Stamp Duty Land Tax or other property issues, please feel free to contact Andrew Pluck on 01323 727321 or apluck@hartreade.co.uk