It has not been in the press for a few years y - but previously it was mentioned every year of so,
I understand that there is a process advised by some major accountancy firms that negates stamp duty on domestic dwellings. I understand that this works for houses in the region of £1m+ and involves creating an company to hold the property. When the owner wants to sell the house, it is then a matter of selling the company rather the house to transfer ownership. The sales of the company is not subject to stamp duty.
Does this process still go on?
Does it still work under the recently announced changes to stamp duty?
Given that the company owns the house, why is it not deemed to be a benefit in kind if the owner of the company then lives in the house. BIK would then attract income at the marginal rate.
My hope is that this tax dodging loop hole has been closed.
Geoff