Leading Surrey firm Mundays has been rebuked and fined £2,000 by the Solicitors Regulation Authority for using stamp duty land tax avoidance schemes which saved clients over £2.5m.
The Legal Ombudsman (LeO) has suggested that conveyancers, rather than clients, should answer to HMRC when stamp duty payments fail to arrive.
The Solicitors Regulation Authority has warned law firms under financial pressure against becoming involved in schemes that “manage” the ban on referral fees or promote “improper” ways to avoid stamp duty land tax.
The “popular myth” that conveyancing is low value is not borne out by the evidence, the Solicitors Regulation Authority has found. But property work is continuing to cause the regulator problems, with stamp duty land tax schemes and ‘right to buy’ negligence litigation firmly on its radar.