If You Sold Your Previous Home, HMRC Owes You A Stamp Duty Refund
If you have sold your main residence within three years of purchasing your second home, you might be entitled to a refund on the surcharge you originally paid to HRMC.
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Request a call back for a chat to see if you are eligible for a stamp duty refund.
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SECOND HOME BUYERS
What is the SDLT Surcharge for Second Home Buyers?
The SDLT surcharge is an additional tax applied to property purchases made by individuals who already own a residential property, including second homes and buy-to-let properties. It was introduced to moderate demand in the property market and promote owner-occupier status.
A main clause within the SDLT surcharge regulations pertains to individuals who have recently sold their main residence. If the sale of the primary residence precedes the acquisition of a second home within three years, a potential refund on the surcharge may be available.
CHECK YOUR ELIGIBILITY
What Is The Eligibility For The Refund Process?
To qualify for the surcharge refund, you must have completed the sale of your main residence within a three-year window prior to purchasing the second home. This stipulation ensures that the primary residence was relinquished in close temporal proximity to the acquisition of the subsequent property.
Timely and accurate reporting of the property transactions is paramount. This involves the submission of SDLT returns and necessary documentation within the prescribed timeframe.
For many, the refund can make a significant difference in the affordability of the second home. It may enable individuals to allocate resources towards other aspects of the property purchase or investments.
Claim Stamp Duty Refund For Sold Main Property
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
You pay Capital Gains Tax when you ‘dispose of’ overseas property if you’re resident in the UK. There are special rules if you’re resident in the UK but your permanent home (‘domicile’) is abroad. You may also have to pay tax in the country you made the gain. If you’re taxed twice, you may be able to claim relief.
Usually, when you sell your main home (or only home) you don’t have to pay any capital gains tax (CGT) due to private residence relief. However, you’ll usually need to pay capital gains tax on property if you’re selling a buy to let property or second home – read on for more information on these.
The Property 36-Month Rule provides exemptions and reliefs to help individuals minimize their CGT obligations and optimize their tax planning strategies. It is essential to seek professional advice and ensure compliance with HMRC regulations to maximize these exemptions and reliefs
You do not pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply: you have one home and you’ve lived in it as your main home for all the time you’ve owned it. you have not let part of it out – this does not include having a lodger.
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