Taxman probes a £35m shortfall in stamp duty
11 April 2012
The taxman is investigating 1200 Britons who it believes have underpaid stamp duty on new properties by some £35 million.
Homebuyers are legally required to pay the tax for homes costing over £125,000.
But websites claim to offer "stamp duty tax planning", mainly paying for chattels of a property separately to bring the property's cost below the £125,000 threshold, or by setting up a limited liability company to buy a home, then immediately transferring it back to the individual after sale.
An HMRC spokesman said: "The schemes rely on an interpretation of law that...HMRC does not accept."
