Mortgage Introducer - Angela Rayner admits she didn’t pay enough stamp duty on new seaside flat
Deputy prime minister Angela Rayner is in hot water after acknowledging she paid insufficient stamp duty on her £800,000 flat in Hove, East Sussex.
The issue arose when it was revealed that she had classified the property as her main residence, which resulted in a lower tax bill. Legal advice at the time indicated she was eligible for the standard rate, but subsequent expert counsel found this advice to be incorrect due to the structure of a trust established for her son.
Anthony Emmerson, of Trinity Financial, reacted with disbelief to the explanation and told Mortgage Introducer that Rayner's head should roll given the hypocrisy involved.
"We find it hard to believe that the deputy PM who is in charge of housing and surrounded by the amount of high level advisers and lawyers could not obtain the correct tax advice on the amount of stamp duty to pay. The fact that she was transferring a property into a trust also calls into question the reason she was doing so as well. She was clearly also trying to prevent future inheritance tax liability via that Trust given the rules that their government are bringing in. Her actions again calls back into question the sale of her prior residence which she claimed to be her main residence and did not pay capital gains tax on.
"Her mantra of asking those with the broadest shoulders to pay their share clearly does not apply to herself, and she should be removed from government for it."
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
