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Dr J Kissi (TC5343)
Value of transaction disputed
The taxpayer bought a property in September 2007. The relevant stamp duty land tax return was submitted by his solicitor showing consideration paid of £274 950 and tax due at 1%. The payment was made but the correct rate should have been 3%. So HMRC said additional tax was due. The taxpayer said the property cost less than £250 000 and no further tax was due.
At the First-tier Tribunal hearing the taxpayer produced a summary which he had received from his solicitor. This showed the purchase price as £274 950 with a mortgage obtained for £247 425. It also showed that stamp duty land tax had been paid at 3%. Further the paper showed that at completion the taxpayer paid £235 539.
The taxpayer said he had paid £235 539. HMRC said it was likely that a deposit was paid...
