How much could you save?
Stamp Duty Mitigation
19 September 2011
When buying property in the United Kingdom, most people dread the Stamp Duty Land Tax (SDLT) as it can extremely expensive. The good news is that there are ways to avoid paying this excessive tax altogether. By speaking with a qualified tax accountant you can save several thousand pounds. The amount of money you can save with stamp duty rates mitigation depends on a number of factors.
First and foremost, the purchase price of the property you are buying plays a huge role in both the tax owed and how much you can potentially save. For example, if you are purchasing a property for £250,000, you can often save around £4,000 in tax. That amount increases substantially for higher priced properties. For a property purchased for £1,000,000, some buyers are able to save as much as £20,000 - £25,000 by avoiding stamp duty rates. This is a considerable amount of money that could be put to better use - such as a new car or by treating yourself to a complete home redecoration.
The second major factor is making sure that you find the right tax adviser. The more knowledgeable they are about the specific tax laws in the UK, the most they will be able to help you save. Generally speaking, a regular conveyancer does not have adequate knowledge to be able to help you save money on stamp duty rates and therefore often do not even present their clients with SDLT mitigation as an option. At Stamp Duty Rates we are trying our best to educate people that stamp duty rates are not inevitable and that there are perfectly legal ways it can be avoided.
If you are considering the purchase of property worth over £250,000, finding an SDLT expert to assist you with the purchase can easily save you thousands of pounds by helping you avoid paying stamp duty rates. Keep in mind that the help of tax advisors is not free; they typically charge clients a percentage of the total amount they were able to help the client save. The actual percentage varies a bit from one company to another so be sure to ask them the specifics of their fee structure. Also be sure that the ways in which they help you avoid stamp duty rates are 100% legal.
At Stamp Duty Rates we work with leading UK tax experts that have a track record of successfully saving clients on their tax liability. To speak with a qualified professional simply complete our simple online form and a specialist will call you back.