This video is amazing. These are the loopholes they will never tell you about. If you underpay tax they will chase you to the ends of the earth to squeeze every drop of blood from you but if you overpay tax they won’t be in a rush to tell you or to help you recover the overpayment.
Income tax, then you invest whats left and pay capital gains tax, then value added tax when you buy something, then stamp duty tax on assets, then you leave it to your kids and its inheritence tax.
Capital gains is the worst. The gains are mostly due to inflation (caused by over printing by the government). The property has not actually risen in value but the currency has devalued. They are taxing inflation itself!
Great information. Thank you for sharing. If you buy a property . Who has the owner passed away, but the daughter is selling it . Do you still pay stamp duty ?
This is a really good video thank you very much for this. This relates to a probate property and my two limited companies one is a trading company and one is a property investment company - what if I transfer or sell the property to my investment company at no gain or minimal gain? Does the stamp duty relief still apply?
@@BritishHomeInvestors thank you for replying. my real ask here is, if I intend on flipping the property but due to a change of circumstances I need to rent out out - I do the transfer… will the probate relief still apply? And is there a specific timeframe the property needs to stay in the trading company before transferring?
I don’t think the probate relief would apply. I think it would be clawed back by HMRC. Because the end outcome is you are keeping it but just changing the ownership structure. I would double check with an accountant on this
I cant understand the grounds of paying this tax. You bought a priperty but somehow should pay government...for what? I understand if you made profits by selling the property but buying - for what?
What's worse the the inheritance tax that you have to pay on any property that you are bequeathed ...and which has already paid stamp duty and income tax on any salary uses to pay for said property. Uk tax sucks.
Just another smack in the face for the average worker. We get stung and people with top accountant / tax advisors get away with it. Why can’t we have a system that all the loop holes are shut down, same rules for everyone. I couldn’t believe it when I first filled out a self assessment tax form and it had a section which said “ which tax avoidance schemes are you using “ there shouldn’t be any way to avoid tax for anyone FULL STOP. It is disgusting , the system is rotten to the core !
Great video, first one of yours ive seen so far. I'd like to buy a home and it has 3 acres of land, does such a small holding benifit from any kind of stamp duty relief?
Thank you 🙏 You pay residential SDLT rates on agricultural land if it’s sold as part of the garden or grounds of a dwelling, for example a cottage with fields. If there are parts of the grounds that are separated from the main holding and could be justified as commercial, eg farm land or forests, then you have potential to separate those bits out. However I think unlikely a home with 3 acres that anything like that will be possible.
@antonymcneillis You could consider our services in the description below video 👇 Or of course you could speak to local agents to market a portfolio with that in mind.
@@BritishHomeInvestors commercial to resi conversions / PD rights. Social Housing / impact of Rachel Reeves latest measures. London Market / where and when to buy. Commercial property pensions.
Buy an empty building plot as a limited company. It needs its own title, not to be considered in the garden or grounds of another property. If it's under £150,000 it's zero rated. Example: property developer buys an empty plot for £140,000 to construct a pair of 'new-build semis'. That makes each of the semis £70,000 per plot.
Thank for the video. So if you want to buy an uninhabitable property you don’t pay any stamp duty at all? Also how would you go about it? Would you have to pay it as normal and then get it refunded back after or would you apply during conveyancing etc
That’s correct, you don’t pay stamp duty. Speak to your conveyancer/solicitor so they declare it as such. As I mention in the video really important to have clear evidence property is uninhabitable.
@@BritishHomeInvestors thank you. So it’s nothing to pay at all? And then I tell my solicitors that I don’t need to pay it and it’s completely uninhabitable and then they write to HMRC or I just don’t pay anything
@Lynnpjjbdndji When you say Pay your Tax. Can you elaborate? Becuase everything I cover in the video is sharing legal situations where you shouldn't pay stamp duty. The issue with tax is often the government make it very clear when you should pay tax. But not clear when you shouldn't.
This video is amazing. These are the loopholes they will never tell you about. If you underpay tax they will chase you to the ends of the earth to squeeze every drop of blood from you but if you overpay tax they won’t be in a rush to tell you or to help you recover the overpayment.
💯👍
I have been in property game for 25 years. I purchased a school and converted it. You've educated me thanks
What a complement. Thank you very much 🙏
Any topics you’d like me to cover in future videos?
Very well structured and clearly presented video. Thank you.
🙏
Income tax, then you invest whats left and pay capital gains tax, then value added tax when you buy something, then stamp duty tax on assets, then you leave it to your kids and its inheritence tax.
💯 mad
In my opinion it’s bordering on communism!
Agreed, and despite all this the government still spends more that it earns 🤣
Capital gains is the worst. The gains are mostly due to inflation (caused by over printing by the government). The property has not actually risen in value but the currency has devalued. They are taxing inflation itself!
@lesleywillis6177 well put!
Great information. Thank you for sharing. If you buy a property . Who has the owner passed away, but the daughter is selling it . Do you still pay stamp duty ?
My pleasure. If it’s a probate sale no, provided you trade it on.
Very useful information indeed. Can you recommend an account to work with?
Thanks for the comment.
What do you mean by account? Not sure I understand the question 🙋♂️
This is a very powerful vedio which teaches me a lot which I don’t know.
🙏
This is a really good video thank you very much for this.
This relates to a probate property and my two limited companies one is a trading company and one is a property investment company - what if I transfer or sell the property to my investment company at no gain or minimal gain? Does the stamp duty relief still apply?
You can transfer assets between companies owned by the same director(s) with no stamp duty costs. However double check this with an accountant.
@@BritishHomeInvestors thank you for replying. my real ask here is, if I intend on flipping the property but due to a change of circumstances I need to rent out out - I do the transfer… will the probate relief still apply? And is there a specific timeframe the property needs to stay in the trading company before transferring?
I don’t think the probate relief would apply. I think it would be clawed back by HMRC. Because the end outcome is you are keeping it but just changing the ownership structure.
I would double check with an accountant on this
Loved your video, I was wondering if i could help you edit
your videos and make your work simple!??
Thanks for the offer but I’m ok thanks 🙏
I cant understand the grounds of paying this tax. You bought a priperty but somehow should pay government...for what? I understand if you made profits by selling the property but buying - for what?
We pay VAT on most purchases so it is similar to that.
I agree. Seems mad we can taxed at every point of making and spending money
What's worse the the inheritance tax that you have to pay on any property that you are bequeathed
...and which has already paid stamp duty and income tax on any salary uses to pay for said property. Uk tax sucks.
Agreed
It’s a tax like VAT
👍
Just another smack in the face for the average worker. We get stung and people with top accountant / tax advisors get away with it. Why can’t we have a system that all the loop holes are shut down, same rules for everyone. I couldn’t believe it when I first filled out a self assessment tax form and it had a section which said “ which tax avoidance schemes are you using “ there shouldn’t be any way to avoid tax for anyone FULL STOP. It is disgusting , the system is rotten to the core !
Thanks for the comment. It looks likely the upcoming budget is going to declare some of the things you wish. But at what cost?
Good video, but what if I am buying as a LTD company
Same rules
Great video, first one of yours ive seen so far. I'd like to buy a home and it has 3 acres of land, does such a small holding benifit from any kind of stamp duty relief?
Thank you 🙏
You pay residential SDLT rates on agricultural land if it’s sold as part of the garden or grounds of a dwelling, for example a cottage with fields.
If there are parts of the grounds that are separated from the main holding and could be justified as commercial, eg farm land or forests, then you have potential to separate those bits out.
However I think unlikely a home with 3 acres that anything like that will be possible.
With sdlt ive brought a few and just had a thought do we actually get an invoice from hmrc ive never seen an invoice but have to pay sdlt
Usually your solicitor gives you a breakdown of what’s due but I’m not sure if once paid if that generates an invoice. One to ask your solicitor.
So if you wanted to sell a company which help property, where is the b st place to market that company for sale?
@antonymcneillis You could consider our services in the description below video 👇
Or of course you could speak to local agents to market a portfolio with that in mind.
Nice video.
Thank you! 🙏 More original?
@@BritishHomeInvestors yes much better.
Excellent glad to hear it, thank you. Any videos / topics you’d like to see?
@@BritishHomeInvestors commercial to resi conversions / PD rights. Social
Housing / impact of Rachel Reeves latest measures. London Market / where and when to buy. Commercial property pensions.
Excellent ideas 💡
Thank you 🙏
Buy an empty building plot as a limited company. It needs its own title, not to be considered in the garden or grounds of another property. If it's under £150,000 it's zero rated. Example: property developer buys an empty plot for £140,000 to construct a pair of 'new-build semis'. That makes each of the semis £70,000 per plot.
Agreed makes sense. Is this something you have done?
@@BritishHomeInvestors yes.
🙌
Can you confirm that under specific ‘sharia’ schemes, some demographics can avoid stamp duty….and can that be exploited more widely?
No that’s not the case. The schemes avoid stamp duty being paid twice.
Under £40000 properties? Not many. What's the point for this even introduced !
Agreed! There are not many!
Makes them look like they are helping 🤡
Very possibly. I also think that price was introduced a while ago when average house prices were also far lower.
So if i buy a house 290k seller moving to dubai for work what exemption is that
Correct no stamp duty however you have to trade the property on or the exception voids
Thank for the video.
So if you want to buy an uninhabitable property you don’t pay any stamp duty at all?
Also how would you go about it? Would you have to pay it as normal and then get it refunded back after or would you apply during conveyancing etc
That’s correct, you don’t pay stamp duty. Speak to your conveyancer/solicitor so they declare it as such. As I mention in the video really important to have clear evidence property is uninhabitable.
@@BritishHomeInvestors thank you. So it’s nothing to pay at all?
And then I tell my solicitors that I don’t need to pay it and it’s completely uninhabitable and then they write to HMRC or I just don’t pay anything
Correct ✅
What will happen if I don’t pay this stupid tax?
What stupid tax are you referring to?
Stamp duty is immoral. So you buy your home with a mortgage and the government put 3% on it , talk about making it harder to buy
A very frustrating tax.
Pay your Tax..... It's people like this that is the problem. !!!!!
@Lynnpjjbdndji When you say Pay your Tax. Can you elaborate?
Becuase everything I cover in the video is sharing legal situations where you shouldn't pay stamp duty.
The issue with tax is often the government make it very clear when you should pay tax. But not clear when you shouldn't.
Are you talking to politicians?
No I haven’t