An estate agent has hit the headlines for marketing a central London home where the buyer can avoid paying almost £1m in stamp duty.
High-end north London estate agent Aston Chase is marketing a 4,600 square feet five bed home at Regent's Park valued at £8.95m - but it is owned by an offshore company so, legally speaking, it is the company that is for sale and not the property.
The Mirror and other national newspapers have picked up on the sale of the property, some describing the company purchase process as a 'loophole' which allows the buyer to (quite legally) avoid having to pay £987,750 stamp duty.
Selling and buying a company this way does incur some costs which a more orthodox house sale would avoid - for example, under the Annual Tax on Enveloped Dwellings, the home will incur a bill of £54,450 per year.
But The Mirror points out that at the current rate of stamp duty the saving on this specific property would cover some 18 years of ATED.
The grade II listed house, on Brunswick Place in Regent's Park, has recently been refurbished.