11 Dec 2012

Stamp Duty Schemes

Insights, Property, Publications

The Times investigates the loophole which has allowed offshore companies to buy some of Britain’s most expensive homes.

It reports that ploys aimed at dodging stamp duty land tax have doubled since the Budget while houses in some of London’s priciest streets remain sheltered in offshore companies.

An estimate by Savills suggests that the offshore vehicles involved in Westminster and Kensington & Chelsea could hold as much as £17.3bn of property. If all were sold and the required 15% stamp duty was avoided, the Exchequer would miss out on £2.6bn.

Source: The Times

We say: This fox has already been shot, with some changes already in force and others coming in next year. Unscrambling existing arrangements will be the next challenge.