STAMP DUTY LAND TAX

Everyone must pay Stamp Duty Land Tax (SDLT) on property transactions or non-residential land in England and Northern Ireland. The rules on SDLT have changed massively in the last few years, so it’s vital to seek professional advice for your stamp duty refund, even for the most straightforward of property and land purchase transactions.

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Have You Overpaid SDLT

Everyone must pay Stamp Duty Land Tax (SDLT) on property transactions or non-residential land in England and Northern Ireland. The rules on SDLT have changed massively in the last few years, so it’s vital to seek professional advice for your stamp duty refund, even for the most straightforward of property and land purchase transactions.

SDLT REFUNDS

If you have already completed your land and buildings transaction, you may be entitled to a Stamp Duty Land Tax Refund. Reclaiming SDLT can be complicated for both individuals and businesses, because of the various legislation surrounding the process.

SDLT RELIEF

The most popular form of Stamp Duty Land Tax relief is the SDLT first time buyer relief, which was introduced in 2017. The SDLT relief reduces the amount of tax paid on the property and it applies to residential property purchases after 22 November 2017 with a value of £500,000 or less.

SDLT EXEMPTIONS

Stamp Duty Land Tax (SDLT) is charged on property transactions in the UK when their value is above a set threshold. Depending on the nature of these transactions, there are some cases when the buyer will qualify for SDLT relief or Stamp Duty exemptions.

Why Are you Overpaying?

Overpaid stamp duty land tax is common for several reasons. The 2016 changes to stamp duty cover the majority of properties but very few professionals are aware of these and the public even less so. There are also some serious shortcomings in the HMRC SDLT tax calculator, which is designed to only serve as a ‘mere guide’. If you used the HMRC tax calculator during this period you may have overpaid tax and therefore be entitled to an SDLT refund.

Tax Changes

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Claim Your Overpaying?

If you completed a property purchase within the last 12 months you could be able to claim an SDLT refund.

R&D Claim

How to Reclaim Stamp Duty Land Tax

Our team of SDLT advisors will investigate your purchases, as through no fault of your own, you may have overpaid and could claim an SDLT refund. There are several tax relief and exemptions available as well as the simple fact that the property itself could have been misclassified.

If you are in fact due a refund, we will then go through the process of reclaiming overpaid SDLT with HMRC. All the advice given is from a qualified Chartered Tax Advisor, so you have peace of mind that this is legitimately being inspected and your SDLT repayment is in safe hands.

Our fee then simply becomes payable from the amount of Stamp Duty Land Tax repayment that we claim back on your behalf.

SDLT Tax Refunds

Stamp Duty Land Tax (SDLT) is a fee buyers need to pay whenever they buy land or property over a certain price threshold in England and Northern Ireland. The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land/properties. Any purchases below these figures won’t be subject to Stamp Duty Land Tax.

SDLT is calculated differently for residential and non-residential properties. For residential properties (e.g. house or flat), Stamp Duty Land Tax is typically paid on increasing portions of the property price at the time of purchase. The amount payable depends on when the property was bought and how much was paid for it. Find out what the SDLT residential rates are here. The above also applies to non-residential & mixed land and properties. Stamp Duty Land Tax is paid on increasing portions of the property price when this is £150,000 or higher.

Stamp Duty Land Tax is payable whenever the price thresholds for the following are met or exceeded:

  • Freehold property purchases
  • New or existing leasehold purchases
  • Property purchases through Shared Ownership Schemes
  • Property or land transfers in exchange for payment

SDLT returns must be filed with the HMRC within 14 days after the completion of purchase.

In certain circumstances, buyers may be exempt from paying SDLT. Instances include first time buyers, freehold properties costing less than £40,000, inherited properties and more. Find out who can qualify for SDLT exemptions.
Yes, Stamp Duty Land Tax refund claims should be made within 12 months of the original filing date of the SDLT return (i.e. 14 days after completion of the original purchase). However, in certain cases, an SDLT refund claim can be made up to 4 years post-sale.
An SDLT refund is usually processed within a month or two, although this can sometimes be longer due to HMRC checks. If the HMRC open an investigation after issuing the refund and find that in fact you were not eligible or there was incorrect information provided, they will issue a closure notice requiring you to repay the money.

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We document the latest updates on R&D, stamp duty land tax, embedded capital allowances and business grants.

SDLT considerations for Mixed Use Multiple Dwelling Relief

Our client purchased a property inside the SDLT Holiday, which contained a house, annex and a shop. Our client paid £7,500 in stamp duty land tax and became aware that he may have overpaid, so he sought SDLT advice from Cap Ex Associates Tax Ltd.

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

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