The Penny Black

The Stamp Duty 5% rise

The arrival of April 6th 2011, saw the property and land purchase over £1 million see an addition of stamp duty 5%. This is the highest marked rise in the United Kingdom in recent times.

The progression of the stamp duty 5% increase comes from the decision of former Chancellor Alexander Darling. The idea aims to support the first-time buyer relief below £250,000.

This new development means that in addition to the 5% of stamp duty 1000000 will be the complete added price of property. With the property purchases across the market going up, this development would affect close to 15,000 buyers every year in London.

The new higher rate of stamp duty 5 percent, was thought to be the former government’s attempt to put the squeeze on bonus earners in the city, and wealthy cash-rich investors who it was thought were probably responsible for helping to maintain property prices and prevent them from crashing over the previous two years.

As a result of this increase, Stamp Duty Tax Planning or Stamp Duty Mitigation as it is sometimes known, above 1 million Pounds, is likely to become more and more popular, with savings of over 3% of the property value often achieved.

There are a number of considerations when employing wealth management professionals to provide this type of tax planning in the 5% bracket. It is important that clients find experienced providers with legal aspects of the tax planning thoroughly tested by Queens Counsel.

The SDLT liability on non-residential or commercial land or property transactions is actually 1 percent below the residential rate stamp duty 5 percent rate in the highest bracket, so stamp duty costs are obviously already reduced. Commercial SDLT liability is a complex areas that requires specialist knowledge. Generally however, the advantage in terms of saving on a non-residential purchase is that the processing fees payable to the providers of the planning, which are typically around 40 to 50 percent of the stamp duty normally payable, include UK Value Added Tax at the new 20% rate. As most commercial organisations are registered for VAT, they can claim the VAT on the fees back against income received by the business. This reduction in the cost of the fees does then provide similar levels of saving to residential purchases on the whole.

So what about the legality or longevity of employing techniques like this to mitigate stamp duty payable? In terms of legality there have now been tens of thousands of cases that have gone through without challenge from the UK tax office so the process is inherently as the law stands on solid ground. The good news is the tax professionals working in this field all agree that it would be a very difficult process to challenge at least some if not all of the current schemes.

It is important to have suitable underwritten insurance before any purchase over the £1000000 mark is made. There are different options of insurance present as covers for wealth management. The rising demand for this security has also led to wealth management professionals offering advice and help with these aspects. There are tax covers which provide exemption and help prevent the penalties with regards to tax planning. Considering the expenses of stamp duty 1000000 worth property, these covers can be advantageous.

About the Author

Gerry Jones is the author of this article on stamp duty 5. Find more information, about stamp duty 1000000 here

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