Millions of pounds in overpaid stamp duty has been refunded to thousands of property owners. You too could be owed a Stamp Duty Land Tax SDLT refund whether you are a home owner, property trader, investor or developer.
Stamp Duty Land Tax (SDLT) is a fixed tax paid by property buyers in England and Northern Ireland. In Scotland, it’s called the Land and Buildings Transaction Tax (LBTT) and in Wales, it is called the Land Transaction Tax (LTT).
Most people use a solicitor or legal conveyancer to act for them, but it is the buyer’s responsibility to pay any SDLT.
The law around SDLT is incredibly complex and many advisers who help consumers evaluate how much they should pay are trained only to differentiate between residential and commercial property. There are over 30 SDLT reliefs and it is unlikely that your adviser is au fait with them all, which has led to many consumers being mis-advised unintentionally.
The legislation governing SDLT it is full of exceptions, exemptions and reliefs covering the vast variety of property types and property buyers. As such, it is perhaps no surprise to note that HM Revenue & Customs (HMRC) has refunded £127m of stamp duty to second-homeowners since the surcharge was introduced: 6,800 additional property refunds totalling £80m were paid in 2016/17 with a further £47m repaid in Q2 2017. In total, HMRC had to give refunds on 10,700 transactions.
Property Positive UK SDLT Refunds Service can help you to determine whether you are due a substantial cheque from HMRC, and help you claim it back.
Don’t delay, contact us today! Especially, if we have written to you.