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Stamp Duty

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Shearer01! | 19:49 Thu 26th Oct 2006 | Law
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I purchased a property last year at the purchase price of 120.000 everything I received from my solicitor confirms this. Inland Revenue have queried that when contracts were exchanged the value on the TR1 form from the vendors solicitors read 125.000. Inland Revenue are now saying that we have to pay Stamp Duty because of this.

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Well the threshold for stamp duty is now 125,001 (upto this price you dont pay any as it changed recently). The Vendors solicitor will have some sort of paperwork saying the purchase price as will the estate agents.So the inland revenue cannot soley rely on the TR1

On a form you would have received from the agents called the memorandum of sale it says the purchase price and the Vendors solicitors - maybe you should give the solictors a ring to find out why the paperwork is wrong as its the solicitors who should be forking out the cost if the inland revenue will not waver the charge. If you dont have a copy you are within your ask for another one form the estate agent - hope this helps a bit! good luck
Have you queried this with the solicitor who acted for you? If not, it is probably worth doing so - they should have a copy of the TR1 form and - if the price on it was wrong - should have pointed this out to the vendor's solicitor at the time.

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