My brother bought a residential site to build a home with some savings. The sale was completed on 6th January 2011. The Contract was signed in October 2010 and there were some budget changes to stamp duty in November 2010 but these do not appear to make any change to stamp duty on residential sites.
He did not have the money to pay stamp duty at the time and kept putting it off. The Deed is still not stamped and he has been told he will have to pay stamp duty at 6% as well as significant interest, penalties and surcharges. He still has no money but he needs to sell the site now for financial reasons so the Deed will have to be stamped and registered.
Is there any way he can get a reduction in the amount of stamp duty , surcharges , penalties and interest payable and what way should he go about doing this?
He did not have the money to pay stamp duty at the time and kept putting it off. The Deed is still not stamped and he has been told he will have to pay stamp duty at 6% as well as significant interest, penalties and surcharges. He still has no money but he needs to sell the site now for financial reasons so the Deed will have to be stamped and registered.
Is there any way he can get a reduction in the amount of stamp duty , surcharges , penalties and interest payable and what way should he go about doing this?