• TR1 Panel 8

    By Guest on 29th Jun 2016

    I am being told to enter a nil value on Panel 8 by my solicitors as the money I am paying is not coming from my mortgage, but from a separate financial arrangement with my ex spouse.

    I have had conflicting advice on this from other solicitors to say that this box should show the transaction regardless of where the funds are coming from. Are there any implications of not entering a figure in here? I am concerned that by not identifying it there will be longer term issues....

  • 1 Answers

    By Guest on 03/07/2016

    It is difficult to comment without having all the facts however panel 8 should be an accurate reflection of what is paid, I money or money's worth by the transferee. The main issue of recording a lower consideration is that stamp duty is paid on the actual consideration so if consideration isn't declared for the transfer you might be inadvertently guilty of tax evasion. I would reiterate that I do not have the benefit of the full facts. Discuss it again wth your solicitor

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