SPECIAL FEATURE: For Tax sake
But I’m of the view that we all have a moral duty to pay the tax we owe.
Perhaps in this regard I’m slightly different to various members of Take That, Chris Moyles and Jimmy Carr – but hey, that’s not a bad place to be.
Stamp Duty avoidance schemes have been well within the crosshairs of the Treasury for some time now with George Osborne setting out how the Government would crack down on these in the 2012 Budget.
The fact is that even with a clampdown there are still many individuals looking to avoid paying it and no end of schemes suggesting they can make this happen. Do a quick search online and you will see what I mean.
Indeed, in the advisory profession there have been plenty who have put their clients in contact with such schemes, particularly those operating in the high net worth area.
But the recent news that the taxman has won a high court ruling legitimising the law in clamping down on such schemes might make advisers and their clients think again.
I believe these schemes should have been stopped a long time ago and the fact they can be reviewed retrospectively should hopefully mean the tax is recovered and others will think twice.
This doesn’t mean that I think the current system of stamp duty is particularly fair but it does mean that whether you’re a first-time buyer or a property investor you should still have to pay it regardless of your ability to employ those who say they can get around the system.