Property loophole to be closed
HM Revenue & Customs poised to move on stamp duty loophole allowing investors to move properties into offshore trusts
HM Revenue & Customs is poised to clamp down on avoidance of stamp duty
in offshore property unit trusts, The Times says today.
A loophole which allows investors to put properties into offshore trusts free
of stamp duty – designed to help pension fund and life companies repackage
assets – is set to be closed, the paper says.
A Treasury spokesman is quoted as saying: ‘We keep all taxes under review.’