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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 2989
Experience:  FCCA FCMA CGMA ACIS
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Clare, I don't know if you can help. I am buying a house and

Customer Question

Hi Clare,I don't know if you can help. I am buying a house and it costs 467,000 with almost 12,000 stamp duty on top. A company is advertising being able to reduce your stamp duty almost entirely, see the below. Please see their reply to an online enquiry of mine. Is this legal? And could it be a scam?
Thanks:
Dear Janie
Thank you for your interest in our services, I understand that you may not yet have an offer accepted on a property, please let me know if you wish to introduce our tax effective conveyancing to take forward with your purchase.
You mentioned a consideration of £437,000 on a Main Residence and the SDLT liability will be £11,850. The position with legal tax planning in place on completion day will therefore be:
SDLT liability £Nil Legal Exemption in place (see below)
Fiducia legal fees £4,200 To allow use of the planning – incl. vat (Insurance optional)
Guaranteed Saving £7,650 As indicated below (automatically on completion day)
Professional Conveyancing fee will be: £600 +vat
SDLT Admin fee will be: £250 +vat
Searches, approx. £250
Land Registry government charge £135
Let us know when you are ready to instruct our partner solicitor for conveyancing purposes, we don’t allow third party access to our planning. The information we will need is:
Current full postal address
Preferred contact details on file
Exact agreed purchase price
Full address details of the new property
Name of Estate Agent/ Developer (if any)
Name of Mortgage Lender (if any)
Our tax effective conveyancing will guarantee a minimum saving of 60% of the stamp duty liability on completion day, in your case £7,650 by introducing a legal Exemption laid down in the Finance Act 2003 – Section 48 (part 2) www.legislation.gov.uk/ukpga/2003/14/section/48
This confirms when we structure a purchase with a Security Interest it is not liable to SDLT. The conventional Chargeable Interest process does attract SDLT. Our planning complies with all tax legislation law to date and has no effect to any lenders First Charge when a mortgage is in place. You retain your normal Freehold ownership and the tax planning does not interfere with a future sale of the property. You will also have the standard entry on the Land Registry as the new owner.
We are usually instructed when an offer is accepted on a property, we then allocate one of our partner solicitors who will be responsible for all the legal conveyancing requirements which will include implementing our tax planning on completion day. I look forward to your further response in due course, meanwhile I have attached a Fiducia fact sheet for your immediate information.
Bye for now
Paul
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Submitted: 20 days ago.
Category: Tax
Expert:  bigduckontax replied 20 days ago.

Hello Paul, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Don't touch it with a bargepole. It is a racket, there is no way to avoid SDLT in this manner. Your fees will disappear into a bottomless pit if you participate.

I am so sorry to have to rain on your parade.

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