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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10176
Experience:  LLB(HONS) 20 years of experience in dealing with Conveyancing and Property Law
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I want to sell my house to a relative for as low a price as

Customer Question

I want to sell my house to a relative for as low a price as I can. I do not want my relative to be accused of cheating HMRC out of stamp duty based on the reduced price I want to sell it to them at so how can I find out the minimum price HMRC will accept without accusing us of trying to cheat them.
Submitted: 2 months ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 months ago.

Hi,

You can sell the property for as little as you like, whether it be a £1.00 or £1,000. You would only be guilty of tax evasion if,for example,the official paperwork said the property was being sold for a £1 and your relative also handed over to you say £50,000 cash in brown envelopes.

I hope this assists and sets out the legal position.

Kind Regards

Al

Customer: replied 2 months ago.
Will it trigger an investigation as in if I sold it for £1 which I wouldn't but say I did, presumably they would want to investigate if there was in fact an additional payment as you describe. What I'd like to be able to find out is what price is the minimum price I can sell at without raising any suspicion or triggering an investigation.
Expert:  Aston Lawyer replied 2 months ago.

Hi, there would never normally be any investigation, unless a third party informed HM Revenue that it was a fraudulent transaction. At the end of the day, you are free to sell your property for as much or as little as you want, and provided you only physically receive the amount quoted in the Sale Contract, there is nothing HMRC can do, as you have not committed any crime.

Kind Regards

Al

Expert:  Aston Lawyer replied 2 months ago.

Hi, if I have helped, I would be grateful if you could rate my answer so I may get credited for my time. Thanks Al

Expert:  Aston Lawyer replied 2 months ago.

Hi,

If I have helped, please would you be kind enough to rate my answer.

Thanks

Al

Expert:  Aston Lawyer replied 2 months ago.

Hi, please don't forget to rate my answer. Thanks Al

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