Stamp duty buyer beware!
Home buyers and land owners are often paying too much in stamp duty as the online calculator tool provided by HM Revenue & Customs does not factor in discounts available for multi-use properties, which could save many thousands of pounds.
Examples of where a discount could be obtained include where a property has a ‘granny annexe’, commercial building or farmland attached to their property.
Here at Gullands, we are working with experts such as Cornerstone Tax to ensure buyers only pay the correct amount of SDLT.
It is estimated that nationally as many as one in six land and property transactions have been calculated incorrectly and it is possible to claim a refund from HMRC. If however you think you have paid too much SDLT, you must be proactive and make a claim, they won’t tell you if you have overpaid.
HMRC says the online calculator “Is a guide not a final figure”.
Blair Gulland comments: “We are putting clients in touch with specialist firms such as Cornerstone Tax to ensure they pay the correct amount of tax on their property transactions. It can take too long to approach HMRC for a figure directly and time can of course be very important in a property transaction. I recently dealt with one case where the client was buying land and was potentially facing a SDLT bill into six figures, but this was reduced significantly once all the factors had been taken into account.”
Cornerstone Tax is the UK’s leading source of advice and expertise on property taxes.
Cornerstone Tax CEO David Hannah comments “We are delighted to be working with such an established law firm here in Kent. Blair Gulland is very experienced commercial lawyer, with a very modern and enlightened understanding of the UK property marketplace and I look forward to working together with him, to enhance the offerings of his firm and my own to our respective clients.”