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Are You Missing Those Valuable Stamp Duty Land Tax Reliefs?

It's got a whole lot more confusing ...

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In recent years, Stamp Duty Land Tax (SDLT) has undergone several changes, leading to a lot of confusion ...

The regulations around Stamp Duty Land Tax has got a whole lot more confusing recently!

The regulations around Stamp Duty Land Tax has got a whole lot more confusing recently!

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Of course, this has lead to an increased need for specialist tax advice to determine the correct amount of SDLT that needs to be paid. Although solicitors and conveyancers do deal with property purchases, in many cases, their work doesn't include advice on SDLT liabilities.

This means that buyers could miss out on an opportunity to reduce the SDLT they owe, or sometimes even have no need to pay it. SDLT savings can be made when:

  • The purchase consists of more than one dwelling, and multiple dwellings relief is available

  • The property has features which allow access to the non-residential rates

  • The taxpayer has been told to pay the three percent surcharge, but their situation means this is not the case

  • The taxpayer is eligible for a refund of the three percent surcharge when they later sell their old main residence

  • Time is of the essence in making a claim for a refund. In most cases the legislation only allows buyers 12 months and 30 days from the purchase date to amend SDLT returns

As an example, a client recently contacted me as he had acquired a shop with a flat above it. The solicitors had advised that residential rates of Stamp Duty Land Tax were due and the client had paid £5,000 of SDLT.

However, as this is a mixed-use property, commercial rates of SDLT are payable and based on the price paid, no tax was due. Following a conversation with me, the client was able to go back to the solicitor and request that they resubmit the SDLT return and claim a refund.

"Would you like to know more?"

So there is a lot of confusion around Stamp Duty Land Tax now and specialist tax advice is always advised. If you'd like some help with SDLT, do give me a call on 01908 774323 or click here to ping me an email and let's see how I can help you.

Until next time ...


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More about Helen Beaumont ...

Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.

Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.

When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.