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The £2 billion issue facing property owners – Webinar

Posted 03rd December 2021 by sdlt-admin

SDLT Refunds is a division of Cornerstone Tax

David Hannah spoke to The Business Desk to discuss the £2 billion a year in overpaid Stamp Duty, and what those who are affected could do about it.

David Hannah of Cornerstone Tax
Hannah Mackinlay of SDLT Compass
Ben Ormsby of The Business Desk
Alan Forsyth of Hockley Developments

“Solicitors and conveyancers that do not have the time, or indeed the experience or expertise to fully understand the intricacies of SDLT and the up to 49 exemptions and release which might apply on your transaction.”

Hannah discussed how there has been a 285% rise in stamp duty refunds during lockdown and there is as much as £10b in overpaid tax due to the transfer or sale of properties into pension schemes which should not have been charged SDLT.

He said: “This is a compensation storm waiting to happen. Cornerstone has recovered over £15m in the last 12 months from SDLT overpayments.”

He advises every buyer to get advice pre-completion before a deal has been made, or at post-completion, Cornerstone is able to review to see if SDLT was calculated accurately.

There are specific reliefs for buyers to which give 100% exemption to SDLT. For example, if a property is uninhabitable they do not need to pay the residential surcharge. Therefore one client was refunded £5k.

If you buy a site with permitted development right for conversion, or indeed partial demolition and reconstruction, then you can claim multiple dwellings relief at the moment you acquire the site even though you haven’t started the conversion necessarily. Cornerstone’s client received a refund of £105k.”

 

Contact us today

SDLT Refunds is a division of Cornerstone Tax.
You can call us on 03333 050954 or email us at newbusiness@ctatax.uk.com