Read our latest media features and blog posts. We are the UK's leading property tax consultants - serving private clients, solicitors, accountants or agents
It’s well-established that Stamp Duty is a complex and ever-evolving part of law, but the need for expert advice on your SDLT bill is more urgent than you might realise. We’ve spoken at great length about the sheer complexity of...
Read moreLast year we reviewed a potential SDLT reclaim for a Pension Scheme that had purchased trading property from its members and found it would have been accepted by HMRC but was, unfortunately, out of time. The original payment was calculated...
Read moreSince 2020 we have been persistently trying to draw the attention of the UK pensions community to a major problem with the payment of Stamp Duty, in error, where Pension Funds acquire trading properties from their members and other connected...
Read moreLast year we reviewed a potential SDLT reclaim for Uninhabitable status/MDR and found it would have been accepted by HMRC but was, unfortunately, out of time. The original payment was calculated by a top 100 law firm At the clients...
Read moreBased on figures released by Cornerstone UK, up to 75,000 people could be owed compensation of up to a staggering £80,000 each. Errors are said to have been made when solicitors mistakenly assumed that Stamp Duty Land Tax (SDLT) must...
Read moreMost people working in these firms will never have read the policy, or its exclusions, or considered the impact if, as the poor old accountant did, they work in areas that they have neither training nor day-to-day experience of to...
Read moreTypical monthly rent is now £122 cheaper than buying an average-priced property as a first-time buyer. The change is down to higher mortgage rates pushing average home loan repayments up. But while rents are now cheaper on average across the...
Read moreSadly this is a pattern we see all too often repeated where a little knowledge often founded on mistaken assumptions is applied to the detriment of clients Stamp Duty positions and it's not only accountants that get it wrong. Indeed...
Read moreThousands of disillusioned buy-to-let landlords would say no. Only one in five are making a profit while a similar proportion say they set out without sufficient knowledge and lost thousands as a result. Every month 35,000 buy-to-let landlords come off...
Read moreRecent findings from mortgage lender Halifax have revealed that house prices in July had fallen by 0.3%, consequently fuelling speculation that Britain’s housing market will crash in the second half of the year. Despite the doom and gloom from experts,...
Read moreThe UK property market is expected to experience a drop in house prices that could last until the second half of 2025, according to Oxford Economics. It comes after the Bank of England increased interest rates by 0.5 percent. Last...
Read moreWhen it comes to purchasing property in Scotland, one of the key considerations for buyers is the payment of stamp duty. However, it's important to note that stamp duty as it is commonly known in the rest of the UK...
Read moreProfessional Advice: Given the complexity of SDLT regulations and the potential implications of instalment arrangements, seeking advice from legal and financial professionals, such as solicitors or tax advisors, is strongly recommended. They can provide guidance tailored to individual circumstances and...
Read moreStamp Duty Land Tax (SDLT) is a significant cost that homebuyers in the United Kingdom must consider when purchasing a property. As buyers explore various options to manage their finances, a common question arises: Can Stamp Duty Land Tax be...
Read moreStamp Duty Land Tax (SDLT) is a significant expense that homebuyers in the United Kingdom must consider when purchasing a property. As property transactions involve various financial considerations, the question arises: Is it possible to delay the payment of Stamp...
Read moreDowning Street has called upon banks to safeguard homeowners currently wrestling with escalating mortgage costs as interest rates continue to rise, destabilising the borrowing market. This initiative has been triggered as borrowers receive warnings of additional mortgage rate hikes, with...
Read moreStamp Duty Land Tax (SDLT) is a significant expense that homebuyers in England and Northern Ireland must consider when purchasing a property. On the other hand, Capital Gains Tax (CGT) is a tax levied on the profit made from the...
Read moreStamp Duty Land Tax (SDLT) is a tax imposed on property transactions in England and Northern Ireland. It is a significant expense that homebuyers have to consider when purchasing a property. One intriguing question that arises is whether it would...
Read moreCornerstone Tax claims that it has reclaimed £30m for clients from the Revenue over the last three years alone and believes there could be more to come as more than six out of 10 buyers have never considered whether there...
Read moreAdvisor Cornerstone Tax says it has returned £30m of reclaimed stamp duty fees to clients over the past three years, by avoiding or rectifying overpayments. The firm adds that 61% of homeowners have never considered the possibility of errors in...
Read moreWhen it comes to understanding tax regulations and fulfilling our financial obligations, guidance from authoritative sources is crucial. In the United Kingdom, Her Majesty's Revenue and Customs (HMRC) plays a pivotal role in providing guidance to taxpayers. However, the question...
Read moreRead our latest feature in the Financial Times - Adviser column on how you can reclaim overpaid stamp duty from HMRC. Cornerstone Tax is the UK's leading stamp duty advisers.
Read moreWhen you buy any residential property in England or Northern Ireland while already owning another residential property or a share of a residential property worth over £40,000 anywhere in the world. This last is important, and applies to all parties...
Read moreThe UK property market is expected to experience a drop in house prices that could last until the second half of 2025, according to Oxford Economics. It comes after the Bank of England increased interest rates by 0.5 percent. Last...
Read moreIf you’re buying your first home, looking to get a second property or holiday home or taking your first steps on the investment ladder, one of the questions you’ll have asked yourself is exactly how much stamp duty you’re likely...
Read moreThree Burning Questions on Stamp Duty Stamp Duty Land Tax is a complex, ever-shifting part of the UK property landscape, and is prone to causing confusion for both buyers and their advisors. Here, we tackle three of the most often...
Read moreThousands of buy-to-let landlords are selling their properties ahead of the government changes to EPC regulations, new data shows. Property tax specialist firm Cornerstone Tax found that just one-in-five landlords now say their investment has been a profitable one, with...
Read moreThe rate is used by high street banks and lenders to set the rates it offers customers on mortgages, loans and savings. This is the twelfth time in a row that the Bank of England (BoE) has raised rates since...
Read moreThe increase was widely anticipated — as is often the case with these sorts of announcements — and the general consensus seems to be that it has already been factored into the equation. This is the sort of change the...
Read moreDavid Hannah, Group Chairman of Cornerstone Tax thinks the move is a good thing. He notes: "Whilst there are some concerns about this type of mortgage given what happened in the 2008 financial crash, I believe that a lot has...
Read moreA quarter (25 percent) of Brits plan to invest in buy-to-lets in the north east to generate income for their retirement compared to just 19 percent in the south. According to data from Cornerstone Tax, investors affected by the increase...
Read moreNew data has revealed that one in four people (25%) plan to invest in property to generate income for their retirement and enjoy a comfortable lifestyle. With inflation standing at a 45-year high of 10.4%, there has been a growing...
Read moreCommercial property acquired for a consideration of less than £150,000 is in the ‘zero banding’ meaning that no SDLT is due (though an SDLT return must still be completed to this effect). This used to mean that smaller commercial properties...
Read more“In the short term, today’s announcement from the Bank of England to increase interest rates will have a detrimental impact on those who are currently on variable mortgages, and it may lead to people running into genuine financial difficulty. It...
Read moreWith potentially costly changes to EPC rules, forcing many landlords to pay out thousands for energy efficiency improvements, group chairman David Hannah advises investors to buy property which is less than five years old to limit the amount of extra...
Read moreWhat are the changes for Stamp Duty in the Spring 2023 budget?
Read moreA growing number of Brits are planning to invest in property to generate income in retirement as many remain wary of the effect markets have had on their savings and pensions. In January, inflation sat at 10.1 percent - a...
Read moreAs the leading experts on Stamp Duty in the UK, we like to make sure we put our money where our mouth is, and a recent victory for one client illustrates not only the lengths to which we will go...
Read moreThe UK Government has released their official Stamp Duty Land Tax (SDLT) statistics for the 2021/22 financial year, and payments for the levy – commonly charged on the purchase of a property – have soared by 63% compared to 2020...
Read moreDavid explained: “You need to understand what you can afford if you take on too much mortgage debt and put too much of a strain on your monthly or weekly budget you’re going to run into trouble and that’s just...
Read moreThe stamp duty holiday resulted in an exodus of inhabitants from cities such as London for a cheaper alternative where they can get more for their money. Despite the stamp duty tax holiday ending in September 2021, there has been...
Read moreLed by Bank of England governor Andrew Bailey, the Monetary Policy Committee increased UK interest rates from 3.5 per cent to 4 per cent. This was widely predicted by City analysts. The MPC voted seven to two in favour of...
Read moreMultiple Dwellings Relief, usually referred to by the abbreviation MDR, is a provision in Stamp Duty legislation introduced in 2011 with the aim of encouraging property development and investment. Put simply, where someone is buying more than one residential dwelling...
Read moreAs the housing market entered Q1 of 2023, confidence in the market was near inexistent. Carried over from Q4 of 2022 was the rise of inflation, high interest rates coupled with the effects of the infamous mini budget which put...
Read moreHalf of homeowners said they have looked into making their home more energy efficient but found it too expensive without Government support, while 22% have found it impossible because of planning restrictions. It comes after the latest RICS Residential Market...
Read moreSome 20% of landlords become one without the right knowledge - with that rate rising to 32% in the North East, according to Cornerstone Tax. Male landlords are more likely to struggle, with 25% of men losing money in buy-to-let...
Read moreThe first bone of contention is the length of time the changes should last. It is the will of the Chancellor that these alterations to the SDLT thresholds be temporary, and the proposed date for them to end in the...
Read moreFor first-time buyers – we saw record rises in house prices last year which made the market increasingly difficult to enter. Now, even though the average cost of a property is falling, the increase in mortgage rates and the decrease in...
Read moreAverage house prices have seen their sharpest drop since 2008 according to the latest Halifax House Price Index. The index shows that the average house price fell by 2.3% in November to £285,579, which was the third consecutive fall and...
Read moreIn Q4 of 2022, the UK housing market finds itself in a financial recession coupled with a cost-of-living crisis. Not only that, but the Bank of England’s decision to raise interest rates from 2.25% to 3.0% has also had a...
Read moreBut views vary, naturally. David Hannah, group chairman of Cornerstone Tax, predicts that we’ll see house price growth between 5-8% next year. Why? He expects growth to be led in large part by foreign buyer demand. ‘We now have a...
Read moreMarcus & Marcus bought a property in 2015 which included a house, annexe, a summerhouse, and many other amenities. After paying a stamp duty worth £33,750 the company were subjected to an HMRC enquiry which found the rate of SDLT...
Read moreBuying residential property can be a minefield when it comes to your Stamp Duty bill, with a variety of factors which may impact the final figure and most people being unaware of many of them. But what about if the...
Read moreIt’s long been the case that part of the long-term retirement planning of many dental practitioners is to sell, or contribute, the practice premises to their pension schemes. The inherent advantages of a pension – namely tax-free roll up of...
Read moreWe are proud to share our latest feature in The Daily Express on what landlords must consider in 2022. Cornerstone Tax is the UK's leading property tax advisers, specialising in Stamp Duty Land Tax.
Read moreThe Bank of England hiked interest rates to 3% from 2.25% on Thursday as it tries to control runaway inflation which is battering British households. The 0.75% rise is the single biggest increase since 1989 and could see mortgage holders...
Read moreMany of us have been left feeling powerless as rent and bills continue to rise and unfortunately, there's not much that can be done, according to David Hannah. But there are ways to make the price hikes more manageable, he...
Read moreAfter the announcement of Lizz Truss’ economic plans earlier this month the financial markets went into panic, which resulted in widespread repricing of the mortgage market. This led to chaos for people across the property spectrum as 40% of mortgage...
Read moreThousands of dentists are owed a Stamp Duty Refund from HMRC on overpaid Stamp Duty on SSAS and SIPP pensions. Confirmed by HMRC. Cornerstone Tax is the UK's leading property tax advisers, since 2006.
Read moreThe average rate of a new two-year fixed mortgage has climbed to 6.07% – rising above 6% for the first time since 2008. The rise comes amidst the chancellor Kwasi Kwarteng meeting with executives from Britain’s largest banks to discuss...
Read moreWith the rise in the stamp duty threshold and new allowances for first-time buyers, could there be some positives in the government’s recent mini budget? Since the Chancellor, Kwasi Kwarteng, announced his mini budget on 23 September 2022, it’s fair...
Read moreThe average rate of a new two-year fixed mortgage has climbed to 6.07% – rising above 6% for the first time since 2008. The rise comes amidst the chancellor Kwasi Kwarteng meeting with executives from Britain’s largest banks to discuss...
Read moreAs a buy to let investor, particularly a new one, you must make sure that you’re aware of your legal obligations. It’s not all about buying a property and sticking it on the market, you may have to register with...
Read moreRocketing prices have put home ownership out of reach for millions of Britons, as pandemic era stimulus accelerated demand and caused values to jump. Now rising interest rates designed to combat inflation are pushing up the cost of borrowing for...
Read moreThe expected cut in stamp duty hopes to provide first-time buyers with a better chance to get on the property market,” he said. “With properties in the UK standing at the most unaffordable levels ever, anything which eases the ability...
Read moreKwasi Kwarteng’s mini budget announcement today walked back a lot of changes announced under the previous administration, significantly lowering the tax burden for businesses and households alike in these challenging times. But his Stamp Duty cuts represent a more mixed...
Read moreRocketing prices have put home ownership out of reach for millions of Britons, as pandemic era stimulus accelerated demand and caused values to jump. Now rising interest rates designed to combat inflation are pushing up the cost of borrowing for...
Read moreThe cut raised the threshold of how much a property has to cost before paying stamp duty to 250,000, doubling from the previous 125,000. Also introducing a measure of first-time buyers paying no stamp duty on the first £420,000, and...
Read moreThe surcharge applies only to residential property, so acquisitions of non-residential property (warehouses, shops etc) are exempt. Mixed use property is also explicitly exempt from the surcharge, for example if you were to buy a property which consisted of a...
Read moreDespite changing mortgage products and the help-to-buy scheme closing for applications at the end of October, there are ways first-time buyers can make obtaining their first property an easier process for both short and long term. First-time buyers may be...
Read moreThe problem we do have in the UK property market is the rate of demand and supply. If builders are building and they’re over supplying, it will soften house prices and the appreciation in asset value. But if the number...
Read moreiNews feature: Tax specialists Cornerstone Tax has said that transfers of commercial property into pension schemes may have triggered Stamp Duty Land Tax even though the transactions may have been exempt.
Read moreSoaring house prices have made saving up for a deposit seem impossible for many, with contributions from the BoMaD towards purchasing a home amounting to a total of £10.7 billion in 2021 – more than double (115%) the amount in...
Read more“The crash of 2008 happened because of a sudden loss of liquidity in the international banking market and we aren’t in that same situation again. We have had the pandemic, and substantial government spending because of it which has increased...
Read moreThis saves first-time buyers £5,000. If the property you’re buying is slightly over the £300,000 threshold, it might be worth negotiating with the owner about paying separately for any furniture, known as chattels, as these will be exempt. “Let’s say,...
Read moreWith inflation in the UK rising to 9.4% in the year to June – marking its highest rate in 40 years, many are expecting a sharp decline in the property market, but the influx of foreign investment for properties in...
Read moreDavid Hannah, Group Chairman of Cornerstone Tax, suggests that by taking the necessary steps needed to make your annexe or outbuilding Airbnb ready, property owners have the chance to create a significant new revenue stream averaging £670 a month. UK...
Read moreMultiple Dwellings Relief – the simplest place to start – if you have the funds available to purchase more than one property at once, you could make significant savings on you Stamp Duty bill. Working to take an average value...
Read moreThere are cases in which properties have been damaged and tenants refuse to let their landlord inspect the home, or where rent has not been paid for a considerable period of time, for example. I welcome the recent change of...
Read moreThe average price of a UK property has hit a record high for the fifth consecutive month. It now stands at £368,614 according to Rightmove, however the 0.3% rise in June represented the smallest monthly increase since January, showing sings of a...
Read moreData from Rightmove shows the average house price in Whitby is £254,218 in contrast to the typical salary in the town of £18,900, with the influx of second home purchasers pushing properties out of affordability for many local residents, according...
Read moreGroup chairman of Cornerstone Tax, David Hannah, said: “A right to buy policy will enable long term renters who are happy in their current homes to turn themselves into homeowners. The concern is not so much the right to buy...
Read moreAs a result of soaring UK house prices, more than 4 million homes have been pushed into a higher stamp duty bracket compared to March 2020. Of those pushed into a higher bracket, 28% have moved above the initial £125,000...
Read moreProperty prices have risen to astronomical heights, with average home prices continually breaching records and bringing misery to wannabe homeowners. But this could soon come to an end as a recession could be on the cards for the UK, creating...
Read more"To all of you who attended Friday night - I hope you had as much fun as I did. It was lovely to see so many current, and past faces, there being part of the story of the continuing story...
Read moreIf you’re lucky enough to own a larger property, or perhaps you have adult children who have flown the nest, then this is one of the more straightforward ways in which your home can generate a bit of extra income...
Read moreDavid Hannah at Cornerstone Tax: ‘I expect demand for UK housing to continue to outstrip supply,’ he says, ‘pushing price increases ahead of inflation and provided wages are increased, the affordability of housing will stay in lockstep.’ He goes on...
Read moreA study from IW Capital shows that 29% of Brits are planning to earn money through passive income sources in the next year as they search for options to diversify their income. Homeownership represents a great financial opportunity with 1-in-3...
Read moreBuying a house now will cost you an average of £28,000 more now than it would have this time last year - but one expert has outlined how higher prices may not actually be a bad thing for prospective buyers....
Read moreIn cases such as the recent one covered by the BBC, whereby two trustees were jailed for a ‘scam’ which had defrauded millions of pounds from the pension savings of some 245 people, the reasoning is obvious and logical –...
Read moreIt’s deeply concerning that 30% of people are finding it hard to service their mortgage or rent amid the cost-of-living crisis. We’ve all got used to low-interest rates and, while these haven’t risen dramatically compared to the 1980s and 1990s,...
Read moreMDR was introduced in 2011, mainly to correct what was perceived to be a disadvantage to investors in property, namely the large SDLT bill which could result when purchasing multiple smaller properties as part of one transaction. A block of...
Read moreFor a start, there is without a doubt a lot more demand for starter homes and smaller homes. This is due to generally lower incomes for younger buyers and the difficult of getting deposits, meaning that smaller (i.e. cheaper) homes...
Read moreToday - 21st March 2022 - Cornerstone Tax SDLT Refunds announced the immediate “retirement” of their senior consultant David Hannah. Marking the conclusion of a 38-year tenure, it is understood that Mr Hannah who has been a long-term sufferer of...
Read moreWe all know the standard ways in which a saving on Stamp Duty can be made – be a first-time buyer, buy and complete on a property before the 30th September 2021, or simply buy a property beneath the threshold...
Read moreWith energy prices soaring for millions of households in the UK, homeowners are searching for solutions to ease the increased cost of energy in their home. The rise in energy costs was caused, predominantly, by multiple energy suppliers going out...
Read moreThe gov.uk website’s latest quarterly Stamp Duty Land Tax statistics commentary makes for some interesting reading. Though largely expected, some of the results of the last twelve months of additional tinkering to the Stamp Duty system in the U.K. are...
Read moreStamp Duty Land Tax, SDLT, or Stamp Duty as it is commonly (and erroneously) referred to, is a tax paid by purchasers of land and property purchased in England and Northern Ireland (in Scotland it was replaced in 2015 by the Land and Buildings Transaction Tax and in...
Read moreStamp Duty Land Tax (or SDLT) has been big news lately, with the chancellor’s announcement in July of a ‘holiday’ on the tax for all properties of £500,000 or lower purchase price. But what if you bought property at any price before July 2020?...
Read moreRecently, The Financial Times featured our comments on business owners who may have incorrectly paid Stamp Duty Land Tax when transferring their commercial property into their SSAS or SIPP pension.
Read moreOver and above these dramatic rate and tax bill changes there are some cliffs which are, in mathematical terms bottomless - these are the 40 plus Reliefs which afford complete exemption from SDLT - yes you have heard it here first! - Stamp...
Read moreCornerstone’s research into and experience within the area of property tax suggests that many of these people have paid the incorrect amount of SDLT, and that many more continue to do so. In the last twelve months alone, we have...
Read moreHMRC recently updated its guidance on the 3% Stamp Duty surcharge, no doubt hoping that a list of fairly dull and unexceptional adjustments and clarifications could help hide one particular bombshell climbdown that it was making - But despite its earlier denials but there is a...
Read moreBecause Stamp Duty now operates on a ‘slice’ system, this means that rather than an additional 3% on your purchase price, the surcharge is actually charged at a rate of 3% per ‘slice’ of the purchase price as defined for Stamp Duty...
Read moreThe rapidly approaching ‘cliff edge’ of the 31st March had been a topic of contention for some time, with solicitors, estate agents, and indeed ourselves calling for some sort of allowance to be made to avoid the potentially catastrophic loss of sales...
Read moreStill, after ‘How much could my Stamp Duty refund be worth?’. The question of how long it might take to obtain is the next most common one. And that’s fair – it makes sense that after finding out how much...
Read moreIn theory, SDLT is easy enough to calculate. Go to HMRC’s website (or indeed simply google ‘How much SDLT?’) and you’ll find easily enough the basic standard tables of numbers which suggest that SDLT is a static feast – a...
Read moreCapital Gains Tax (aka CGT) is a tax often associated in people’s minds with the very rich, when in fact nothing could be further from the truth. CGT is a tax charged on the sale of certain assets including property,...
Read moreIf you have a Self Invested Personal Pension (SIPP) or a Small Self-Administered Pension (SSAS) into which you have placed commercial property in the last four years, you may find that there is a substantial rebate awaiting you direct from HMRC themselves. Often, when...
Read moreIf you’ve ever bought and/or sold property in England, or indeed been paying attention to the news for the past year, you’ve likely heard the term ‘Stamp Duty’. SDLT stands for Stamp Duty Land Tax, which is referring to the...
Read moreOne of the biggest issues in SDLT at the moment relates to Multiple Dwellings Relief or MDR. This has been somewhat of a controversial topic in recent times, with Law firms seeing growing numbers of claims made against their property departments for ‘missed’...
Read moreWe all know the standard ways in which a saving on Stamp Duty can be made – be a first-time buyer, buy and complete on a property before the 30th September 2021, or simply buy a property beneath the threshold...
Read moreIt doesn’t help that for starters, the calculator doesn’t ask all the questions which might be pertinent to the final Stamp Duty figure. Since it’s inception in 2003, replacing the old Stamp Duty. Stamp Duty Land Tax (or SDLT) has...
Read moreSo how do you know if you’re entitled to a refund? Well, the basic clues are things like whether the property you own has an annexe or separate dwelling as part of the grounds, whether it contains land beyond the...
Read moreOr feel free to phone or email us…
©Copyright 2023. Cornerstone Tax Adviser. All Rights Reserved.