TAX TIP OF THE WEEK - How to save stamp duty on a house purchase,

Given the average price of housing at the moment one of the biggest costs to moving or acquiring a buy-to-let investment is the stamp duty payable.

If you are acquiring a 2nd property for say £500k the stamp duty alone would be an eye-watering £30k

Wouldn’t it be great if you could reduce this, well you can with not too much effort by valuing the chattels

A chattel is the household items that you will acquire as part of the purchase such as curtains, wardrobes, appliances, lighting, fittings etc

If you could identify £10k worth of these items then this would save you £800 in stamp duty . Not a bad return on an hour or two of homework..

Hope this was helpful, for lots more tax tips and strategies get a copy of our 71 ways to save tax checklist