In the runup to Angela Rayner's resignation today as deputy prime minister and housing secretary over the underpayment of stamp duty land tax on a £800,000 flat in Hove, the conveyancing firm that handled the deputy PM’s property purchase denied giving her tax advice.
Rayner confirmed this week that she underpaid stamp duty land tax, telling Sky News’ Beth Rigby that she relied on advice she received that said she was liable to pay the standard duty rate on the Hove purchase. She resigned from her government posts after Sir Laurie Magnus reported that the ministerial code appeared to have been breached.
Following media coverage on her living arrangements, Rayner said she took expert counsel’s advice to ensure everything had been done properly. She was told the initial advice she received was inaccurate because of a trust set up for her son, who has lifelong disabilities.
Verrico & Associates, a licensed conveyancing practice in Herne Bay, was then identified in the media as the firm that handled Rayner’s property purchase.
In a statement to the Telegraph, managing director Joanna Verrico said: ‘We acted for Ms Rayner when she purchased the flat in Hove. We did not and never have given tax or trust advice. It’s something we always refer our clients to an accountant or tax expert for.’
Verrico said the stamp duty was calculated based on the figures and information that Rayner provided.
Rayner referred herself to the independent adviser on ministerial standards. Sir Laurie Magnus’s report is expected today.
In her resignation letter, Rayner said she deeply regretted her decision to not seek specialist tax advice given both her position and complex family arrangements. Rayner 'took full responsibility for this error' and said it was never her intention to do anything other than pay the right amount.
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