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Stamp Duty Land Tax (SDLT) is applicable when the value of a property exceeds certain specific thresholds as set out by HMRC.
It’s important to note that certain transactions may qualify for reliefs that either reduce the amount of tax to be paid or potentially exempt the buyer from paying any Stamp Duty altogether.
Stamp Duty relief comes in all shapes and sizes, and its ultimate aim is to support and incentivise certain types of property transactions which, in turn, help to fuel more growth within the economy by allowing property and land to be purchased at a faster pace.
These reliefs are designed to provide financial rebates or exemptions in specific circumstances, taking into account various factors such as:
Approximately 1 in 4 property purchases in the UK are miscalculated for Stamp Duty.
At Ackroyd Legal, we have partnered with one of the market leaders for recovering overpaid stamp duty. Stamp Duty Land Tax (SDLT) is paid to the government when purchasing land and property in England. The rates and thresholds for SDLT have seen numerous changes in recent times and are constantly evolving.
There’s approximately 50 exemptions and reliefs when it comes to property tax in the UK. Below, we highlight some of the key areas we focus on for our clients
This allows buyers to pay a lower rate of SDLT or even reclaim up to 100% of the Stamp Duty Land Tax if the property they purchased is deemed unfit for living.
This reduces the amount of SDLT you pay when you purchase two or more dwellings in a single transaction or in a series of linked transactions.
This relief aims to ease the financial burden on beneficiaries inheriting property and encourage them to keep and use it as a residence.
This allows companies within the same group to offset certain losses of some member companies against the profits of others, reducing their overall tax liabilities.
How can you apply for a refund?
You can get started in just a few simple steps and, if you’re eligible, you can expect to receive your refund in as little as 4 – 12 weeks.
It takes just 5 minutes from start to finish. All we need is the basics and one of our experts will let you know if you’re likely to qualify for a refund.
We’ll provide a personalised checklist and assist you in gathering the necessary documents for a smooth application and we’ll also liaise directly with your solicitor to ensure it’s a seamless process.
Our team’s in-depth knowledge of SDLT regulations makes sure to avoid any pitfalls, helping to significantly increase your chances of a successful and stress-free refund.
We constantly monitor your claim’s progress and keep you informed throughout the process.
On average, our clients typically receive their stamp duty refund from HMRC within 4-12 weeks.
For more information call our expert legal team on 020 3058 3365 between the hours of 9am to 5:30pm or fill the form.
We can check your eligibility for a refund in just a couple of minutes.
Whether you’re a first-time buyer or a new landlord, or you’re looking to release equity from your home, our skilled and experienced team of conveyancing solicitors can help you with every aspect of residential conveyancing and property law.
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