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Land Transaction Return advice

With respect you ask so many questions that you would be very ill-advised to even contemplate completing the form yourself. After all, SDLT is a self-assessment tax and if you get it wrong then the consequences will cost you far more than the £50 the the solicitor envisages charging for ts completion.

Also, you are taking out a mortgage in order to proceed with the purchase? Consider this. It will not be possible to register the property transfer at the Land Registry until after the Inland Revenue issue their certificate, and they will not issue their certificate until after the SDLT return has been sent in and the tax paid. That is, the mortgage will not be registered at the Land Registry until after the form is done and sent in ... and therefore the solicitor acting for the mortgage company (bank/building society/whoever) may insist that the form is filled-in professionally. Or at the very least, that it is completed on a timely basis .... and checked before submission to Netherton ... and how much will someone charge to do that checking?

Reply to
John
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And it is about 25 minutes of a solicitor's time, which isn't that long.

Reply to
Jonathan Bryce

Well thats 100/hour aprox which I would imagine is the going rate?

Reply to
Tumbleweed

In message , Richard Faulkner writes

Neither can I, I am just explaining the law on old Stamp Duty, now replaced of course for land transactions.

Reply to
john boyle

In message , PeteM

Yes, I am just explaining the law as it stands (stood) and giving an example. Another would be share holdings. If you never wanted to rely on the shareholders register then pay no stamp duty on the contract.

Reply to
john boyle

Are you really? Are you sure? Is this is theory of yours or is it based on experience?

Your point is, as I understand it, that in transactions of unregistered land you could avoid paying stamp duty by choosing not to register the transaction. If that is true, it is a very well-kept secret. It is unknown to conveyancing lawyers. You won't find it in any conveyancing textbook. Since most areas (possibly all) are areas of compulsory registration, I cannot see how you could ever lawfully avoid registering a purchase of unregistered land.

Reply to
The Todal

Surely that depends upon the amount of Stamp Duty involved!

If you buy a property for say £10m and are faced with paying 4% Stamp Duty, that is £400000 ......well worth considering the legal tax saving possibilities.

All sorts of things possible .... such as "resting on contract".

But all that is in the past. Just think of SDLT as one big loophole closing ... severely restricting the tax-saving possibilities. There are still some tax-saving possibilities but in the main they merely reduce the tax payable and do not cut it out completely. The tax-planning now consists of giving more thought to exactly what contract you want to enter into.

Reply to
John

In message , The Todal writes

yes

yes

no

Yes, and research which I conducted a few weeks ago when looking into the changes on Stamp Duty.

These days, with compulsory first registration, that is true, but in the relatively recent past, it was not necessary that is why it was called UNregistered, and conveyances on unregistered land were not registered anyway and didnt need to have stamp duty applied to them UNLESS they were to be produced as evidence in a court of law.

Reply to
john boyle

In message , John writes

Thats right, but not any more sadly ...............

Reply to
john boyle

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