Wednesday, 13 June 2012

Tax avoidance on thousands of homes through offshore companies...

Government officials have estimated that around 5000 homes in Britain are believed to have avoided stamp duty and inheritance tax by the owners registering them in a way that is not as above board as they would like you to believe.
The statistics were obtained by the Independent newspaper via the investigative website Exaro and show that the multi-million pound properties are predominantly in London and around 500 of the homes, totaling a combined value of £1.6bn, were bought in the last year. 
It was claimed that one exclusive street recently renovated was almost entirely bought using the loophole.

In his Budget the Chancellor, George Osborne, said he would come down "like a ton of bricks" on the practice of switching large properties into corporate control and introduced a stamp duty levy of 15 per cent for houses bought this way.

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