# Revenue Audit



## Luternau (24 Jun 2008)

I have been selected for Stamp Duty audit. The letter asks me to provide the addresses of all properties *owned* by me since 1/1/2003 and state use,dates etc.
I own properties going back almost 20yrs-all of which I still own. Are all these included or just what I own since 1/2003? I think the former. No problem either way-the information for the earlier years requires more searching of the records.


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## Bronte (24 Jun 2008)

I think you're right and should include all the properties.


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## Satanta (24 Jun 2008)

My reading of this is that they require details of all the properties.

They request information of all properties "owned" since 2003, not bought since 2003. So if you had sold prior to 1/1/2003 they would not require the details, but as you still own all the properties in question they are requesting it all (e.g. everything owned on the 1/1/2003 and everything bought since then).


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## mercman (24 Jun 2008)

I had my Revenue Audit meeting yesterday. To say that the Inspector was a really decent bloke would be an understatement. A perfect gentleman in every manner. You will require to have all your paperwork presented in a neat clear format, with copies of all loan offers, Bank statements etc copied and handed to the Inspector. I went in with my accountants and they left a quantity of Lever Arch Files with him. 

In theory they are on a Compliance mission. It really is nothing to be afraid of and if you have hidden something, tell them at the start of the meeting.


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## Bronte (25 Jun 2008)

Mercman it's a good thing I keep all my records for longer than 6 years.  Some people will find it very difficult to do this.


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## Luternau (25 Jun 2008)

I am hoping it does not come to this amount of data-I have my tax affairs in order and the earlier properties that were PPR were fully lived in for the required periods pre letting. 
I have realised something scary over the past few days.  Stamp Duty on property is paid by ones solicitor. No receipt issues from the stamping office to you, so one takes it at face value that it was paid. If they failed to do so....how would you know and why would you check..this was all pre Lynn, Byrne.


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## mercman (25 Jun 2008)

Luternau -- You will require all your records simple as that. How else are they to conduct an Audit without all the paperwork ??. Without it and your records being not complete will leave you in a situation of being assessed by te Revenue.


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## Luternau (25 Jun 2008)

To clarify
I know full information is required and for now this means providing details on properties owned since 1/1/2003 for the purposes of a stamp duty audit.  I posted seeking clarification on the wording of the letter. Not to see if I could withold full information from them. Mercman, how can you get that meaning from my post? 
I was not aware that we are not allowed to hope or should not hope it will not come to the level of detail you specified in your post. If they extend to other tax heads-as is their decision, I will provide them with whatever they ask for. No problem whatsoever.


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## MandaC (26 Jun 2008)

I know Revenue were doing  random stamp duty audits on properties purchased in the last five years.  They are particularly interested in ftb's who would have bought houses, got the stamp duty relief and then rented them out, thus leaving them open to a clawback.  

Luternau, just call the individual on the letter and ask them is it purchased since 1993 or properties held as at and purchased since 1993 (ie all properties)

Have they asked you to provide back up documentation at a meeting as yet or just list all the properties and their various uses by letter to them?


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## simplyjoe (26 Jun 2008)

They are tackling the huge issue with FTBs claiming exemption, moving out shortly thereafter and not paying back the clawback. If you volunteer and go to them they will be very lenient when it comes to interest and penalties.


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## MandaC (26 Jun 2008)

The ftb element is obviously not relevant to the Op, but the fact that Revenue are concentrating specifically on a five year span could be.


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## mercman (10 Aug 2008)

Luternau -- just inquiring as to how you got on with your Audit ??


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