I posted this a while ago as an indication of where the solicitors might have a problem if engaging with clients to defraud Revenue - I was criticised at the time for posting incorrect information by a contributor (obviously with serious tax knowledge and expertise) although I never found out to what he was referring. Anyone got an up dated legislative reference?
I think that its clear from this board that stamp duty is regarded by many people as an irritant ( can't deny that!) but one that should be avoided ( if possible) and further evaded if there is any possibility of geting away with it. Like stuart says, I regard it as a no brainer for a non owner occupier to purchase and claim the f.t.b. or owner-occupier relief - it is just too easy to spot, stamp duty is a self assessment tax and it will almost inevitably come back to bite you on the bum if you do not address it properly.
For the purposes of clarifying where the solicitors possible liability arises............
I quote Section 8(1) Stamp Duties Consolidation Act 1999.
8.— (1) Except as provided for in this section, all the facts and circumstances affecting the liability of any instrument to duty, or the amount of the duty with which any instrument is chargeable, are to be fully and truly set forth in the instrument.
(2) Where it is not practicable to set out all the facts and circumstances, to which subsection (1) refers, in an instrument, additional facts and circumstances which—
(a) affect the liability of such instrument to duty,
(b) affect the amount of the duty with which such instrument is chargeable, or
(c) may be required from time to time by the Commissioners,
are to be fully and truly set forth in a statement which shall be delivered to the Commissioners together with such instrument and the form of any such statement may from time to time be prescribed by the Commissioners.
(3) Any person who—
(a) fraudulently or negligently executes any instrument, or
(b) being employed or concerned in or about the preparation of any instrument, fraudulently or negligently prepares any such instrument,
in which all the facts and circumstances affecting the liability of such instrument to duty, or the amount of the duty with which such instrument is chargeable, are not fully and truly set forth in the instrument or in any statement to which subsection (2) relates, shall incur a penalty of—
(i) £1,000, and
(ii) the amount, or in the case of fraud, twice the amount, of the difference between—
(I) the amount of duty payable in respect of the instrument based on the facts and circumstances set forth and delivered, and
(II) the amount of duty which would have been the amount so payable if the instrument and any accompanying statement had fully and truly set forth all the facts and circumstances referred to in subsections (1) and (2).
mf