STAMP DUTY LAND TAX RELIEF

Stamp duty relief refers to the various exemptions, reductions, or special rates available to certain individuals or transactions to reduce the amount of SDLT payable on a property purchase or transfer.

The mission behind SDLT relief is to promote home ownership and help low-income families onto the property ladder.

Stamp duty relief can encourage property transactions which can then in turn boost the demand for renovation, construction and other aspects within the housing sector which in turn, boost economic growth.

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RELIEF

WHY CHOOSE CAPEX FOR STAMP DUTY RELIEF?

Navigating stamp duty relief can be time-consuming, especially if you are unfamiliar with the intricacies of the tax system. Here at CapEx Tax we handle the entire process on your behalf, saving your valuable time and resources. Our tax specialists will ensure that you won’t suffer the risk of mistakenly missing deadlines or missing certain documents, and can ensure smooth transactions.

Stamp duty processes can be tedious and time-consuming, consulting with our tax specialists will allow you to focus on other important areas of your life, as we will deal with applications and refund requests.

SDLT Relief

What is SDLT RELIEF?

Stamp duty relief is an effective benefit people can utilise if they qualify for stamp duty relief. There are many kinds of stamp duty relief available, however, it is vital that you have purchased a residential property within the last 4 years in order to qualify for stamp duty relief.

Capex understands the first time purchasing a property can be daunting and complicated, which is why having a tax specialist on hand to guide you through things such as first-time buyers’ relief, can be useful and provide you with peace of mind.

Stamp duty relief can also apply to land purchases, this is to promote agricultural use or environmental conservation. Granting stamp duty relief on land purchases, will boost the farming sector and increase the production of purchasable goods.

WHO DO WE SERVE?

Developers

Solicitors

Landlords

Individuals

Family Offices

Non-Profit Organisations

Investors

WHO QUALIFIES FOR STAMP DUTY RELIEF?

Older couple discussing SDLT relief with their advisor

FIRST-TIME HOMEBUYERS

First-time buyers’ relief is an effective type of stamp duty relief that encourages people to jump onto the property ladder and become a homeowner. However, there are many conditions that must be met in order for you to qualify. CapEx Tax are here to inform you and ensure you are aware of all the documentation needed in order to claim your stamp duty relief.

Stamp duty relief is only available to the individual, for example, if you’re an individual that has never purchased any type of property, and you are looking to purchase a joint residence with your company, you would not qualify as you are attempting to purchase jointly. 

In terms of purchasing a residence with your partner or spouse, if either of you has inherited any type of property in the past, and you then went to purchase a property of your own, you would not qualify for the first-time buyer’s relief. 

NEW BUILDS / LAND DEVELOPMENT

The government may offer SDLT relief on certain buildings and properties under development such as new builds, or on land in areas that are signified for development.

Normally, new builds are viewed the same as standard residential properties in terms of stamp duty, however, if you add optional upgrades to your new build, such as a new kitchen area, this could potentially push your housing value up and then make you eligible to pay a certain percentage on stamp duty.

CapEx Tax specialists will ensure that you are claiming the correct relief, or paying the correct amount of stamp duty based on your property price.

LOW INCOME HOUSEHOLDS

With the cost of living rising in areas all over the globe, it is understandable to be looking into stamp duty relief. There are certain Stamp duty reliefs available in order to help families gain access to the property ladder.

In terms of Stamp duty, if the value of the property does not meet £425,001, then you will not have to pay stamp duty altogether. Another type of stamp duty relief introduced to assist people in starting their housing journey is shared ownership relief.

CHARITIES AND NON-PROFIT ORGANISATIONS

Charities are also granted SDLT relief as long as they are recognised as legitimate charitable organisations by the national government. 

To be recognised as a charitable organisation in the UK, the organisation must be used solely for charitable purposes and not profit from other types of services.

In terms of where the charity is situated, it is vital that the charity is registered with the local council, if not it will be increasingly difficult to be recognised as a legitimate charitable organisation.

If you are looking to seek more assistance with this matter and would like to contact our specialists to discuss applying for SDLT relief as a charity or non-profit organisation, contact us here.

BENEFITS OF STAMP DUTY LAND TAX RELIEF

CapEx Tax specialists can clearly explain and help you understand the benefits of stamp duty land tax relief. 

We offer key services within the stamp duty relief process, such as eligibility assessments. This is vital to ensure your circumstances aren’t overlooked by professionals and that you receive the best stamp duty land tax relief possible, which can help to save you money.

Stamp duty is subject to changes over periods of time, but we can keep you updated and ensure that you are receiving the most up-to-date stamp duty benefits.

Not only is stamp duty an effective benefit for potential homebuyers, but it’s also a positive benefit for the economy, as it boosts economic activity. With a boost in the housing market, this can equate to more jobs within construction, legal services and real estate.

Certain areas are in need of urban renewal, with stamp duty land tax relief which can help individuals move into new areas, resulting in revitalised neighbourhoods and improved infrastructure.

Gentlemen in a meeting with his tax advisor

WHAT IS SDLT GROUP RELIEF?

Group relief is a great way for companies to prevent double taxation if they are in the same corporate group.

Companies need to qualify for group relief in order for your company to be granted this relief, it all depends on the ownership and controls of the companies, a company must hold a certain amount of ownership in order to be relieved of stamp duty land tax.

HMRC will require a formal application, providing all the necessary information in order to qualify for the relief.

We will guide you through the application process, this can vary from making sure you have all the correct documentation, to completing all of the necessary forms required and ensuring that documents are submitted within the correct timeframes.

As well as placing your financial future goals into consideration, we can then help you put together a tax-efficient strategy moving forward, saving money wherever possible while also taking SDLT implications into account.

STAMP DUTY LAND TAX RELIEF FOR SECOND HOMES

If you are purchasing a second property, you will have to pay an additional 3% in stamp duty on top of standard rates. Caravans and mobile homes do not apply in this bracket, as you are not purchasing the land, you are only purchasing the piece of property (caravan), and therefore SDLT is not applicable.

If you are wondering what qualifies as a main residence for Stamp Duty Land Tax then you can read our guide here.

STAMP DUTY RELIEF FAQs

Depending on the circumstances of your transaction, you may be able to qualify for more than one type of relief, however some types of SDLT relief can’t be combined so always make sure to seek confirmation prior to applying.

Multiple Dwellings relief applies when multiple residential properties are purchased under a single transaction, multiple dwelling relief can be highly beneficial for developers or investors who are purchasing multiple properties or blocks of flats.

To understand more about what qualifies as a main residence read through our guide on the definition of main residency to see if you are entitled to made a claim today.

If for any reason, you are unable to pay or file your stamp duty land tax then there are fines and penalties that can be put in place by HMRC.

  • Late Filing and Payment Penalties – These penalties are calculated based on the length of the payment delay and will continue to increase the longer you take to pay your stamp duty land tax.
  • Enforcement Action – If the SDLT stays unpaid, then HMRC has no option but to take enforcement action, these actions can differ between taking legal action and seizing assets.

ANY QUESTIONS? CONTACT US

With over 25 years of experience, we have helped clients big and small to claim government money through funding, SDLT reclaims and relief.


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