Often referred to as Stamp Duty, or SDLT, Stamp Duty Land Tax is a self-assessed tax paid by buyers of property in the UK based on that propertyās value, as well as other, less well-understood factors. Introduced in 2003 as a replacement for the old Stamp Duty - tax on documents ā it has been one of the most often adjusted and amended pieces of tax legislation on the UK statute books ever since.
The complexity and propensity for change in the SDLT legislation have combined to ensure that SDLT is also one of the least-understood taxes, particularly by those most directly effected by it, namely buyers and their solicitors, who are most often charged with completing the SDLT return on behalf of their clients.
Added to this, HMRCās own SDLT calculators, provided on their websites, are not tailored to take account of all the variables which may affect the amount of SDLT due on a transaction. Indeed, in 2018 HMRC were forced to clarify to a national newspaper reporting on these facts that the calculators are intended merely as āa guideā.
All this means that mistakes are common ā as many as one in five SDLT returns may be incorrectly completed, leading to millions of pounds in overpaid SDLT to HMRC every year. This can be because of missed reliefs based on the circumstances of the buyer, misclassification of the property being bought or any one of the more than thirty exemptions in the legislation being missed by the solicitor completing the SDLT return.
If your property:
Or if there was any element in the acquisition that indicates less than 100% residential use, for example wayleaves, licenses and commercial rents.
Thereās a good chance your SDLT was incorrectly assessed at the time of purchase, and we can help you to reclaim any overpayments made.
Finding out if you have a claim and moving forward with it couldnāt be simpler. Contact us by completing the form below or phone, or email us and one of our expert advisers will contact you within an hour to assess your situation and determine whether or not you are owed money.
We operate on a no claim, no fee basis, and in the event that a claim exists, we will handle it on your behalf for a transparent, fixed fee.
Fill in the form below and then download our FREE SDLT Investor guide!
Please have a look at our most frequently asked questions. If you can't find the answers you're looking for then please contact one of our tax advisers by phone 03333 050954 or email newbusiness@ctatax.uk.com.
Reduce your stamp duty liability by thousands
If your purchase price was more than Ā£500,000 and contains land, woodland, outbuildings or annexes within its grounds then itās likely you have overpaid Stamp Duty Land Tax.
Does your property have a 'granny annex' or separate living accommodation? You could qualify for "mixed-use" tax relief.
If your property has land attached to it of more than 1.3 acres, it's likely you can qualify for "mixed-use" SDLT rates and potentially save thousands.
Do you have barns and other outbuildings as part of your purchase? Under "mixed-use" SDLT legislation you could substantially reduce your SDLT liability.
Where forestry land is parcelled up in the same transaction alongside a residential property, it can be argued the purchase is "mixed-use", potentially saving thousands.
To contact us by phone, email or post:
T 03333 050954 E newbusiness@ctatax.uk.com