Blogger
Share this content
0
1
2426

Stamp duty on House swap

I am entering in to a house swap arrnagement. Is Stamp duty payable on both transactions? I have been told that stamp duty is only payable on the House with the greatest value and duty of £5 is only payable on the other house? Is this correct?
Pamela Cadbury

Replies

Please login or register to join the discussion.

avatar
By cbales
03rd May 2001 10:19

relevant references
Pamela
The reference material for this circumstance is -
1) Finance Act 1994 s.241 which changed the duty liability on exchanges of freehold property and other interests in land to an ad valorem basis, and
2) Inland Revenue Press Release on 18/4/94 in which the IR describe how the transaction can be legitimately arranged in order to avoid the double charge.
Your solicitor ought to know the precise course to take.

Thanks (0)