SDLT avoidance schemes still being advertised

SDLT avoidance schemes still being advertised

The Solicitors Regulation Authority (SRA)  issued a warning to the profession, back in February, to “think twice before becoming involved in Stamp Duty Land Tax schemes (SDLT Schemes)” but some firms are still advertising that they are able to “ Eliminate SDLT liability”.  
According to the SRA, involvement in SDLT schemes could leave a firm at risk of “failing to uphold the Solicitors Code of Conduct”.  Not something that firms should be taking lightly in these tough times.
There are many differing opinions when it comes to SDLT schemes and whether it is “just” and “right” that the public should be able to reduce their tax liability.  One firm that advertises as providing “tax strategies” believes that the HMRC “hardline” is just scaremongering and that there is no reason to worry.  One could argue that they would say that when a large fee is there for the taking. 
The SDLT schemes interpret the written law in a different manner and come up with an outcome that suits the buyer, and the firm offering to reduce the liability.  The firms offering the SDLT schemes, it could be argued, also rely on the naivety and perhaps greed of people who oppose paying tax on yet another purchase.

Has your firm been asked to participate in an SDLT scheme — would you consider it or refuse immediately?

The SRA are continuing to look at SDLT schemes and asking firms whether they have been involved irrespective of whether they were before or after the budget. 

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