What is stamp duty and what did Angela Rayner say about her flat purchase?
The ‘confusing mess’ that saw Angela Rayner resign from Government
- Angela Rayner resigned from government after admitting she underpaid stamp duty on a £800,000 flat she bought in Hove.
- The Deputy Prime Minister stated she did not intend to underpay but acknowledged not meeting the "highest standards" regarding the property deal.
- The underpayment stemmed from complex stamp duty provisions related to a trust established for her son, despite initial legal advice suggesting a standard rate.
- Rayner is now working with lawyers and HM Revenue and Customs to resolve the matter and pay the outstanding amount.
- The incident has led tax and property experts to describe stamp duty as a "confusing mess" and emphasise the need for specialist advice, particularly in complex situations involving trusts.