Purchased A Property And Paid Stamp Duty? You May Be Eligible For A Claim
Purchased A Property And Paid Stamp Duty? You May Be Eligible For A Claim
Have you purchased a property in the UK recently? You could be eligible to claim
thousands from the HMRC.
ABOUT STAMP DUTY CLAIMS
What is Stamp Duty Claims and how does it work?
You are required to pay Stamp Duty Land Tax if you purchase a residential property in England, at a price above certain amounts. Generally, most residential property buyers are required to pay the standard rate of Stamp Duty.
The key factor about Stamp Duty Land Tax is that you are required to self-assess, ensuring that you pay the correct SDLT on your property purchases.
However, because each property purchase and transaction is unique, excess payments often are made by buyers. Miscalculations are commonplace with many buyers not taking advantage of available reliefs that could reduce their tax burden.
CHECK YOUR ELIGIBILITY
Who Can Make A Claim? When And How can they claim?
There are many factors that help decide who can claim a refund for Stamp duty tax. First-time buyers may be eligible for example if the purchase price of the property is not more than £500,000. Generally, the below may qualify for a relief:
- Property developer
- Relevant housing providers
- Multiple dwellings
- Group relief
- Compulsory Purchase
- Individuals: First time buyers
- Buy to Let Landlords
- Crown employees
- Charities in the UK
- Right to buy (Leases)
WHAT QUALIFIES AS A STAMP DUTY CLAIM?
Types of Stamp Duty Rebate
3 Simple Steps to Your SDLT Refund
01
Do An Eligibility Check
Determine if your eligible
02
Documentation And Legal Guide
Collate documentation and submit claim
03
Refund Payout
Receive refund within 6-8 weeks
3 Simple Steps to Your SDLT Refund
01
Do An Eligibility Check
Determine if your eligible
02
Documentation And Legal Guide
Collate documentation and submit claim
03
Refund Payout
Receive refund within 6-8 weeks
Frequently Asked Questions
Stamp Duty Land Tax (Stamp duty) is a tax paid by buyers of properties, including land, residential or commercial property and rights over property (e.g leases). You are expected to pay Stamp duty when you purchase property, however not all property purchases incur a Stamp duty charge. Generally, the rules guiding Stamp duty payments can be somewhat complicated and often times, you would need an expert to check that you haven’t overpaid based on various factors.
Circa 2003, the UK government changed how it collected stamp duty way. Purchases of land are now taxed while the Stamp Duty Land Tax is now only a burden of the buyer of a land/property. The changes by the government were to make Stamp duty harder to avoid and reduce the complexity around it.
There are certain ways to reduce Stamp duty liability – by applying for reliefs or taking advantage of exemptions. Your advisor (typically your conveyancing solicitor) should deal with this. But in the main, where a transaction attracts Stamp duty, you must pay it.
HMRC estimate that over £ 2 billion in Stamp duty is overpaid each year. These overpayments often arise because professionals have made mistakes when filing a return on your behalf. The Criteria for paying stamp duty is complex and mistakes can be made when entering the data relating to the purchase of a property into the HMRC calculator. If it can be proved that an overpayment of Stamp Duty has been made, then a claim for repayment can be instigated.
Yes there is. To reclaim an overpayment from HMRC the deadline is usually 12 months and 14 days from when you paid the stamp duty. In extremely limited circumstances that deadline can be extended up to 4 years and 14 days. If you are too late to claim the repayment from HMRC (which is usually a quicker and more certain process) you can bring a court claim against a professional advisor if their advice or work was negligent and it caused you to overpay.
To prepare your claim, we will need some of the documents that your solicitor will have provided to you when you bought the property. This typically includes the original SDLT return that was filed, the sales/purchase contract and the completion statement. Our advisors will provide you with the full details of what we need from you and help you to gather the necessary documentation – we’re with you every step of the way.
Generally SDLT calculations do not always follow the same pattern. Your refund or claim amount would depend on various factors including but not limited to the value of the property you purchased such as the value of the property. However, there are many factors to consider and our job is to take out the complexity and help you arrive at a reasonable conclusion or claim amount.
We are Claims Management Experts and we work with a team of legal experts to process claims for property owners in the UK. Your stamp duty claim is assessed by one of our experts and if your case meets the eligibility criteria, we follow through with you all the way to a successful conclusion.
We operate on a ‘No Win No Fee’ basis.
In the case of a successful claim, our service charge is 30% + VAT of the total rebate and interest received. Our minimum fee is £1,000 + VAT.
Stamp duty rebate are can only be processed within a maximum period of four years from when it was paid.
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