This video is amazing. These are the loopholes they will never tell you about. If you underpay tax they will chase you to the ends of the earth to squeeze every drop of blood from you but if you overpay tax they won’t be in a rush to tell you or to help you recover the overpayment.
I cant understand the grounds of paying this tax. You bought a priperty but somehow should pay government...for what? I understand if you made profits by selling the property but buying - for what?
What's worse the the inheritance tax that you have to pay on any property that you are bequeathed ...and which has already paid stamp duty and income tax on any salary uses to pay for said property. Uk tax sucks.
Just another smack in the face for the average worker. We get stung and people with top accountant / tax advisors get away with it. Why can’t we have a system that all the loop holes are shut down, same rules for everyone. I couldn’t believe it when I first filled out a self assessment tax form and it had a section which said “ which tax avoidance schemes are you using “ there shouldn’t be any way to avoid tax for anyone FULL STOP. It is disgusting , the system is rotten to the core !
Income tax, then you invest whats left and pay capital gains tax, then value added tax when you buy something, then stamp duty tax on assets, then you leave it to your kids and its inheritence tax.
Capital gains is the worst. The gains are mostly due to inflation (caused by over printing by the government). The property has not actually risen in value but the currency has devalued. They are taxing inflation itself!
Great information. Thank you for sharing. If you buy a property . Who has the owner passed away, but the daughter is selling it . Do you still pay stamp duty ?
Great video, first one of yours ive seen so far. I'd like to buy a home and it has 3 acres of land, does such a small holding benifit from any kind of stamp duty relief?
Thank you 🙏 You pay residential SDLT rates on agricultural land if it’s sold as part of the garden or grounds of a dwelling, for example a cottage with fields. If there are parts of the grounds that are separated from the main holding and could be justified as commercial, eg farm land or forests, then you have potential to separate those bits out. However I think unlikely a home with 3 acres that anything like that will be possible.
@antonymcneillis You could consider our services in the description below video 👇 Or of course you could speak to local agents to market a portfolio with that in mind.
@@BritishHomeInvestors commercial to resi conversions / PD rights. Social Housing / impact of Rachel Reeves latest measures. London Market / where and when to buy. Commercial property pensions.
Thank for the video. So if you want to buy an uninhabitable property you don’t pay any stamp duty at all? Also how would you go about it? Would you have to pay it as normal and then get it refunded back after or would you apply during conveyancing etc
That’s correct, you don’t pay stamp duty. Speak to your conveyancer/solicitor so they declare it as such. As I mention in the video really important to have clear evidence property is uninhabitable.
@@BritishHomeInvestors thank you. So it’s nothing to pay at all? And then I tell my solicitors that I don’t need to pay it and it’s completely uninhabitable and then they write to HMRC or I just don’t pay anything
@Lynnpjjbdndji When you say Pay your Tax. Can you elaborate? Becuase everything I cover in the video is sharing legal situations where you shouldn't pay stamp duty. The issue with tax is often the government make it very clear when you should pay tax. But not clear when you shouldn't.
