View more on these topics

HMRC chasing £35m in stamp duty avoidance

HM Revenue & Customs is chasing 1,200 people who have used stamp duty avoidance schemes to avoid paying the tax, costing the Government £35m in tax revenues.

Earlier this year, HMRC ran a data matching exercise comparing data held by the Land Registry with stamp duty returns held by HMRC.

This revealed that through the use of these schemes about 1,200 people have not paid the right amount of stamp duty, costing the Government around £35m in uncollected tax revenues.

A spokesman says: “We identified 1200 cases where marketed avoidance schemes have been employed to artificially reduce stamp duty land tax due on property transactions. Left unchallenged these schemes would potentially deny the country some £35m in vital tax revenues whilst giving those who used these schemes an unfair financial advantage over the majority of property purchasers who play by the rules.

“We wrote out to the 1200 people who have taken up these avoidance products setting out the correct tax position, ensuring a fair and level playing field for all property purchasers.”


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Ooops!!!

    Good job I ignored these schemes. I doubt if any of these so called tax specialists will be available for comments or for refunding the 50% fee of supposedly avoided duty.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm