Harnett Accountants Kingston brings you this article from Accountancy Age, reporting that the taxman has won a major victory by shutting down a stamp duty tax loophole.
“The Taxman has claimed a significant victory in a tribunal in its continued fight against tax avoidance schemes.
Durham-based property company Vardy Property took advantage of a regulation initially devised to prevent double taxation. It wanted to avoid paying £290,000 of stamp duty on the £7.25m purchase of a business park in Stockton-on-Tees in 2006.
The sub-sale relief was intended to exempt legitimate intermediaries, for example house-builders, from paying stamp duty twice – first after buying the land, and then after selling the completed house.”
Source: full article
This is seen as a significant victory by the taxman as it sends a clear message that using legitimate tax schemes to avoid tax will be spotted and clamped down on by HMRC.
If you need advice about taxes, or help to make sure that you are paying exactly the right amount of tax, and running your business in the most tax efficient way possible, contact our accountants in Kingston and we will arrange a free, one hour, no obligation consultation. You can contact us through our website or on 020 8977 3883. Also you can follow us on Twitter, Facebook and Google+. Additionally, you can keep reading our daily blogs.
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