Property part-exchange

[drhouse]

Got curious so I looked it up. Way back in the day you did pay stamp duty on the difference between the price paid and the duty threshold. There were some changes in 1994 ! but the definitive loophole closure came in 2003 with SDLT (Stamp Duty Land Tax)

[Jeannie D]

That's because buyers and vendors were being creative with purchase prices to avoid or reduce liability for stamp duty. The whole business of assessing and collecting stamp duty was thoroughly overhauled in 2003 and HMRC requires considerably more detailed information about any land purchase in order to assure itself that the correct level of duty is paid. I see that HMRC is having a further purge on what some people have perceived to be a loophole in relation to higher priced properties but in today's economic climate, I suppose "every little helps"...

[qetta]

However we sell/exchange this property, will make sure it is all legal and above board.

[qetta]

People who have visited out property over the years have often said how nice it is and they wouldn't mind living here. If only there was a way of upgraders and downsizers getting together in all over the country in the hope of organising a mutually acceptable property exchanges it would seem a sensible idea, especially in a time of recession.

We are looking to exchange, or even swap, our four bed spacious farmhouse with good size gardens and a field for a smaller detached property in a good area of East Flintshire/ Wrexham or Chester. Send me a pm if anyone is interested.