Ownership of foreign property & FTB stamp exemption enforcement.

I've been reading up on the FTB stamp exemption & those who have owned property overseas are not exempt-fair enough but how can the revenue or whoever possible enforce this? It seems like a bit of an arbitrary rule unless that have investigation squads looking overseas checking up on every application for stamp exemption.

I can't possibly see how they could even start to enforce this. Relying on Joe Public to flash his cards up front is hardly an effective means.

You would be very surprised at how these things come out.

My very favourite is the marital split where all the dirty linen gets washed! Cue Revenue investigation , clawback, penalties and interest.

There is also the occasional Revenue audit which will show up all the trips abroad and the expenditure/mortgage payments.

mf

MF, fairpoint about these things coming out in the wash later on, but that is "after the fact" if you like, I'm talking about up front enforcement.

Set aside the foreign element for a moment, If a non FTB applies for stamp exemption and their other property(ies) are within the state then a routine check will show the application as being in bad faith & the applicant will be refused or prosecuted, whatever, but running the same check for an individual with foreign property only, will raise no such flags which leads me back to the rule being a bit arbitrary & unenforceable.

I really don't see how they can check/enforce such a ruling.

Stamp duty is a self assessment tax. It is for each individual tax payer to do the right thing. They may "get away with it" but, in my experience, it comes out 90% of the time. With all the attendant penalties.

When I hear the following approaches:
1. Sure, who'll ever find out?
2. Everyone else is doing it

I know its time to exit stage left...............

mf