FIXTURES & FITTINGS INVENTORIES
Home Contents/Chattels - Stamp Duty
If you are selling your property with fixtures and fittings included then, especially if the Purchaser may be close to one of the Stamp Duty thresholds, there will need to be an accurate inventory of those contents together with a valuation that will satisfy HM Revenue & Customs. We are often instructed by just the Purchaser or by both the Vendor and Purchaser jointly.
If the Purchaser is abroad then a written inventory is simply not sufficient. This is again where Ingenious Inventories, as a specialist provider of High Definition, forensic video inventories, both in the domestic and commercial sectors, comes into its own. Full written reports come with every high resolution film and you will receive a chattels replacement valuation that helps you to satisfy SDLT guidance.
This is an involved area of the law and our expertise in this could mean the difference between paying tens of thousands of pounds more or less in Stamp Duty. HM Revenue & Customs can open an enquiry on any Land Transaction Return if they have reason to believe that the valuation applied to the property in a land sale has not been reached properly, so it is vital to get this right and to be able to prove it.
A high definition, professional film and valuation of those chattels, including carpets and other items you may not have realized could be costed separately from the fabric of the building, can make all the difference in proving that you have complied with the law and are paying the correct amount of tax.
Click here for a quotation or call 0203 326 4352
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