Share transfer clampdown 'not worth it'

ATTEMPTS to close a loophole that allows share transfers as a way of selling properties to avoid document duty could be seen as an expensive waste of manpower, according to one estate agent.

Richard Fox (pictured), a director of Martel Maides, said that from a rough calculation, the sums involved might mean it would be a waste of time and effort.

A working group has recently been set up to look at tackling the problem, which would require a change in legislation.

At the moment, if a domestic property is bought the buyer pays document duty as a percentage of its value. But if a property is owned by a limited company it can be sold by means of a share transfer, thus avoiding the duty.

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