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Stamp Duty Land Tax (SDLT)
Are you about to pay too much?
One in four property transactions may have already or be about to pay more Stamp Duty Land Tax (SDLT) than is legally due because:
What is Stamp Duty Land Tax?
SDLT is a self-assessed tax based on the value of the property, paid by the buyer, and due upon completion of the transaction. It replaced the old Stamp Duty tax on the statute books in 2003 and has been plagued by alterations and amendments ever since, making some parts incomprehensible to professionals and laypersons alike.
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Fee Free Independent SDLT Advice
Tax
Changes
Since SDLT was established through the Finance Act 2003, it has undergone a huge number legislative changes with one of the most recent being the 3% surcharge on second homes introduced in 2016. The legislation provides for many reliefs, discounts and exemptions often available to reduce the SDLT payable. However, the relevant information is not easily accessible even property professionals find it hard to decipher, never mind the general public.
HMRC Tax Calculator
The HMRC tax calculator produced by the HMRC is undeveloped and fatally flawed. Yet, solicitors, buyers, investors and developers routinely use it despite HMRC conceding it should only work as a "mere guide". It lacks the necessary sophistication to evaluate the complexities of transactions involving the property tax system, causing many to overpay.
Solicitors &
Lawyers
The task of calculating SDLT is not a terrain of expertise for property lawyers and solicitors. Quotations they gain from the HMRC online calculator all too often result in incorrect SDLT payments being made. This can leave solicitors exposed to claims from clients.
How To Proceed With A Claim
We make claiming for a Stamp Duty Land Tax (SDLT) refund efficient and straightforward. Complete our online form or contact us via phone 24/7, 365 days a year so one of our specialist consultants can review your SDLT return and advise if you are due a refund or about to overpay to HRMC.
Our service runs on a no claim, no fee basis, and if we find an existing claim, we will process it as your representative, for a transparent fixed fee.
Let The Experts Help You
How An Incorrect SDLT Return Can
Result In Paying Too Much SDLT?
More Info.
Stamp Duty Land Tax (SDLT) has been mired with frequent changes that have resulted in legislation that is insufficiently comprehended and impacts the ability of solicitors to file accurate returns for their clients.
To compound the problem, the SDLT calculator on the HRMC website is wholly inadequate to factor in all of the circumstances that work to calculate the value of SDLT on a purchase. The HRMC even acknowledged to a national newspaper in 2018 that buyers and solicitors should utilise the calculator only as "a guide".
Discounts based on the buyer's status, classification of property or any of the thirty exemptions written into SDLT legislation can be overlooked by solicitors when completing SDLT returns. Ultimately, this makes errors commonplace, resulting in 20% of all SDLT assessments being submitted incorrectly and HRMC being overpaid to the tune of millions each year.
As a result of all the above, many purchasers will pay or have paid considerably more SDLT than is legally required, often by as much as three times.
Telltale Signs that you might overpay
on SDLT for your property
More Info.
• The property/land you are purchasing is over half a hectare in size
• If the grounds feature any non-residential or commercial structures such as a workshop
• Annexes, cottages or flats are included on the land
• There are rights over or interest pertaining to the land that do not benefit the property in any way, such as commons rights to pass through it
• Monies have been paid to the vendor before the exchange of contracts because of an existing formal reservation agreement
• Any other consideration which might mean the property is not solely for residential use including licenses, commercial rents and wayleaves
• If any of the above applies to your purchase, then there’s a high probability that your SDLT may be incorrectly assessed. Our expert advisers can help you reclaim overpaid monies or prevent you from paying too much.
How We Can Help You
- Free Advice with no obligation
- Available on purchases of residential, commercial and land
- Tax advice NOT tax avoidance
- Fees only payable if SDLT saving or reclaim is secured
- Up to 66% savings or reclaimed
- No win, no fee on SDLT reclaimed
- £1,000,000’s already reclaimed
The challenges of SDLT tax assessments and the frequency of
incorrect payments are beginning to become the focus of increased media attention.
Connor Coombe-Whitlock, 5th August 2020
“Properties can be transferred into private pension arrangements but Cornerstone has identified an industry-wide error with this which means that, according to their analysis, more than 120,000 people may be...
The Times, 31st March 2018
“Homebuyers may be owed up to £2 billion in tax because the government’s online calculator is getting its sums wrong. The tool, provided by HMRC, fails to to factor in...
