HMRC Loses Stamp Duty Case

FT Advisor reports a couple has recently won an appear against HMRC as the tax tribunal ruled the couple did not have to pay the higher stamp duty charge as the property could not be immediately lived in.

 

The pair had purchased the property via a company structure for £200,000 and were therefore charged stamp duty of £7,500 despite the derelict state of the property. However, the recent tribunal found the property to be uninhabitable with the presence of asbestos and its dilapidated state and as a result ruled the higher stamp duty does not apply.

 

For further information on stamp duty see our article on second home stamp duty or you can use our very own stamp duty calculator to calculate your potential stamp duty costs.