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Cornerstone Tax wins Uninhabitable Case

The case was heard and decided in the Appellants favour at the FTT on 13 June 2024. It was clear from the evidence that the property was suffering from numerous serious defects and hazards on the effective date of the...

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"Interest rates ‘must’ be cut to 3% by Bank of...

A recession is defined as happening when a country experiences two quarters of consecutive negative growth with the UK only recently pulling itself out of a downturn. In the six months following the Bank’s initial decision to pause hikes to...

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"Hunt plans to cut ‘Britain’s worst tax’ - costs us...

The levy kicks in at five percent on any part of a property price above £250,000. It then jumps to 10 percent on any price above £925,000 and 12 percent above £1.5 million. It adds £12,500 to the cost of...

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"I want to let my flat on Airbnb and travel...

The rent-a-room scheme applies to short-term rentals, allowing individuals to utilise it if they operate on platforms such as Airbnb. Alternatively, homeowners renting out rooms through Airbnb can take advantage of a tax-free 'property allowance' of up to £1,000 per...

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Stamp Duty reform puts ‘bulk purchases market at risk’

However, once MDR is abolished in June that same investor will have to pay £77,750. Hannah claims investors wanting to buy six units and pay the 5% rate of SDLT will in effect have to pay £47,250 each which is...

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Research reveals 20% of tenants battling ‘bidding wars’ for homes

Almost one-in-five renters have lost out on a property due to a bidding war in the past two years with tenants in London, Brighton, Southampton and Manchester fairing worse than most, research from Cornerstone Tax reveals.

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HMRC break silence over UK households being owed £27,000

HMRC has responded to stamp duty fears amid reports households could be owed an eye-watering £27k. Tax expert group Cornerstone is reporting that taxpayers are overpaying on the levy by a shocking average of £27,000 and HMRC is taking longer...

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Six of The Best or how investors can give HMRC...

Fred is buying 3 apartments from a developer at £350,000 each. With MDR he would have paid £46,500.  He's now paying £77,750 and note the purchase of an individual unit would only cost him £15,500 and so if the transactions...

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The abolition of Multiple Dwellings Relief - Where was the...

Those of you with a long memory will remember that at the turn of the Millennium there was a nil rate band of corporation tax of £10,000 and, when everybody immediately incorporated a company to take advantage of it the...

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Pressure mounts on Treasury to reform Stamp Duty within Budget

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Multiple Dwellings Relief Abolished: Property Tax Expert Responds to Spring...

In a surprising move for many, last week’s Spring Budget saw Chancellor Jeremy Hunt abolish the Multiple Dwellings Relief, a popular exemption to Stamp Duty Land Tax (SDLT) first introduced in 2011 as a means to reduce barriers to investment...

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Average London first-time buyer would have to save for 31...

A survey conducted by the tax business also found that 62% of Londoners say that on their current salary, they can’t afford to save for a deposit. Meanwhile, 39% of those in the capital said that they have had to...

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Housebuilders call for Jeremy Hunt to cut stamp duty ahead...

A cut to the rate of stamp duty for lower-priced properties and a reduced levy for sellers over the age of 60 looking to downsize would purportedly encourage market activity and rejuvenate a market that’s long been at a standstill....

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A guide to Stamp Duty Land Tax Thresholds

The Stamp Duty Land Tax (SDLT) is a significant aspect of property transactions in the UK, and understanding its thresholds is crucial for anyone involved in buying or selling real estate. In this guide, we'll delve into the various SDLT...

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A guide on how to value a UK property

Valuing your home is a crucial step whether you're considering selling, refinancing, or just curious about your property's worth. The process can seem daunting, but fear not – this guide will walk you through the essential steps to accurately determine...

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"Good news for mortgage holders and first-time buyers as Bank...

The Bank of England has announced that it will freeze the base rate at 5.25 per cent once again after its Monetary Policy Committee (MPC) meeting on Thursday (February 1). The MPC, who meet eight times a year to decide...

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"Downsizers ‘must be exempt from Stamp Duty"

"Whilst welcoming the shift in attention towards the issue of stamp duty, argues that policymakers ought to be focusing on reforming stamp duty at the “lower end” of the housing market, encouraging market activity amongst those taking their first steps...

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"UK pensioners could be owed nearly £6billion in tax refunds...

UK pensioners could be owed nearly £6 billion in refunds from HMRC due to being misadvised on stamp duty transactions, according to leading property tax specialists, Cornerstone Tax. They argue that pension-related transactions have appeared to be an area where...

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UK pensioners potentially due £6bn in HMRC Stamp Duty refunds,...

The revelation comes as owners of commercial property often transfer these into their pensions, and some solicitors and advisors may have advised their clients that stamp duty needed to be paid when it was not due. As a result, Cornerstone...

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"Cornerstone Tax comments on a new report, which states that...

“SDLT payment bands have been long overdue for an overhaul as they have never been index-linked to house price inflation."

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Increasing stamp duty payment bands would ‘stimulate market activity’

Following an investigation by the BBC in 2023 revealing that the supply of rental homes in the UK had fallen by one-third in the past two years, Hannah also shared his thoughts on the supply issues facing the market. He...

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One in five tenants lose out on property due to...

The rental market continues to experience a decline in supply as more landlords are considering or have exited the market amid elevated mortgage rates and high taxes. As a result, bidding wars among prospective tenants have become commonplace.

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HMRC responds to stamp duty fears after claim households are...

“By conducting a thorough analysis, seeking professional advice, and understanding the applicable regulations, you can minimize the risk of overpaying SDLT. “However, if an overpayment does occur, initiating a review promptly allows you to rectify the situation, gather evidence, and...

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Why these types don’t Pay SDLT

“Flippers” is another term for “Property Traders” - Companies that buy houses and, almost, immediately sell on properties usually at a profit. What is little appreciated is that certain kinds of flippers qualify for 100% SDLT relief!

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"Up to 50% of southern England landlords looking to sell...

New data from Cornerstone Tax reveals that a staggering 52% of Brighton (pictured) landlords are thinking about exiting the market, compared with 26% and 22% in Leeds and Manchester respectively. In London, the number debating their move is 37%, and...

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"Industry Reacts as Chancellor Seeks to Put Economy “Back on...

“The Chancellor needed to use this opportunity to provide liquidity support to the construction industry to enable them to build speculatively and increase the housing stock more rapidly in this country. The decision to commit an additional £110m to deliver...

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"How the autumn statement could affect first-time buyers - from...

The budget is one of the key financial events in the political calendar and affects the household budgets of millions of people across the UK, as well as setting out how much will be spent on key public services. Property...

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Could rental tenants be losing interest in London?

Meanwhile, the rental market is struggling with a decreasing amount of properties as landlords are leaving the market due to the tightening rules and high mortgage rates squeezing their profit.

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SDLT and inheritance tax cuts main industry hopes for Autumn...

Cornerstone Tax say that with the Bank of England holding interest rates at 5.25% the key issue within the property market that needs addressing is affordability. “A stamp duty holiday is not what is needed to fix Britain’s property market,”...

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'House price crash averted but expert warns 'harsh reality' is...

David Hannah, chairman of property consultants Cornerstone Tax, said this makes the Bank of England’s refusal to cut interest rates “extremely disappointing at a time when mortgage approvals have fallen to an eight-month low". He urged the BoE to reduce...

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The A to Z of Stamp Duty Land Tax

Ah, the joys of legal jargon. The SDLT legislation is written in a way that's about as clear as mud. It's like the average politician’s speech – lots of words, little clarity.

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Record number of landlords to leave rental market due to...

The Bank of England has continued to raise interest rates since December 2021, and despite the base rate being paused in September it has still climbed up to 5.25 per cent, a 15-year high. The rate rises have made a...

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"Renting in English Property Hotspots: A Perpetual Cycle of Stress"

Renting has long been considered one of life’s most stressful experiences, akin to divorce and childbirth. And for renters in certain English property hotspots, this stress is now becoming a way of life. According to new research by Cornerstone Tax,...

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"Heat Goes Out Of Buy-To-Let Sector"

A survey of landlords by property tax consultancy Cornerstone Tax found 15% of landlords are considering selling-up due to rising costs. It follows a report by estate agent Hamptons, that shows landlords are paying £15 billion more in interest annually...

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"HMRC mistake means UK households could be owed £27,000 payment"

Peter Loyal has explained how he managed to receive a refund of £18,500 from HMRC after he had been mistakenly charged stamp duty on a property. Peter told The Mirror: "I was introduced to property tax specialist Cornerstone by my...

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"The English rental market isn’t just cracked, it’s falling down"

New research from the property tax consultancy Cornerstone Tax finds that a staggering 19% of renters have had to move at least five times in five years through no fault of their own, because of rising rents or landlords selling...

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Fifth of landlords consider selling up due to increased costs

Some 15 per cent of landlords are considering selling up due to rising costs associated with their property, data from Cornerstone Tax has revealed. Cornerstone Group International chairman, David Hannah, said the data highlights a “clear issue” in the UK’s...

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Common HMRC mistake saw one business owner scoop £18.5k refund

The tax specialists at Cornerstone claim Peter isn't the only person who has paid stamp duty when they didn't need to and on average overpayments to HMRC currently sit at £27,000 One homeowner has shared how they managed to receive...

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Record number of landlords to leave rental market amidst sky-high...

This news comes in light of last week’s report from The Hamptons Monthly Letting Index which found that UK landlords are collectively paying £15bn in mortgage interest annually – up by £4.3bn over the last 12 months, totalling a 40%...

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How Many Law Firms does it take to Make a...

Axiom Ince, under Managing Partner Pragesh Modhwadia, has not exactly been idle or ‘flying under the radar’ in recent times. In July, it acquired Plexus Law after that firm collapsed, ‘saving’ 540 jobs. Specialist Shipping Law firm Ince & Co...

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Brits biggest fear is that they’ll be stuck renting for...

A recent study conducted by Cornerstone Tax, the UK’s leading property tax advisors, sheds light on the current challenges facing both landlords and tenants in the rental market. The data has revealed a growing sense of instability and uncertainty among Brits as...

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Bank of England pause interest rates after fall in inflation

The Bank of England (BoE) has decided to pause interest rates after fourteen consecutive raises, keeping the rate of inflation at 5.25%. The primary factor for the BoE’s decision can be attributed to official data from the Office for National...

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SDLT: The Importance of Asking an Expert

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...

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Specialist Pension Law Firm in £50,000 Pension Stamp Duty claim

Last 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...

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Call for inquiry into CIOT and STPG silence on Pensions...

Since 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...

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Top 100 law firm in £200,000 Stamp Duty error

Last 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...

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Pensioners could be owed billions sparking demand for Stamp Duty...

Based 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...

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Can PI insurers just “walk away” from a claim?

Most 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...

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First-Time Buyers Face Struggle To Get On Ladder

Typical 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...

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Accountant forced to sell practice after £250,000 Stamp Duty Claim

Sadly 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...

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As house prices fall and buy-to-let flops: should you invest...

Thousands 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...

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Property expert explains why Britain's housing market remains resilient

Recent 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,...

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House prices are expected to plummet by 11% as interest...

The 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...

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How much LBTT will I pay in Scotland?

When 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...

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Can you pay stamp duty in instalments?

Professional 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...

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Can stamp duty be added to your mortgage?

Stamp 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...

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Can you delay paying stamp duty land tax?

Stamp 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...

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Downing Street Steps In Amid Skyrocketing Mortgage Costs And Landlord...

Downing 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...

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Can stamp duty land tax be paid from capital gains...

Stamp 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...

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Can stamp duty be paid from equity?

Stamp 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...

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Stamp Duty - should landlords review accuracy of tax?

Cornerstone 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...

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Cornerstone Tax cuts homebuyer stamp duty bills by £30m

Advisor 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...

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Can you rely on HMRC to give you correct guidance...

When 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...

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HMRC returns £30mn in overpaid stamp duty - Our feature

Read 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.

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How much Stamp Duty do I pay on a second...

When 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...

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House prices are expected to plummet by 11% as interest...

The 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...

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How much is stamp duty? The complete guide

If 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...

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Burning questions on stamp duty land tax answered

Three 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...

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‘Thousands of landlords selling up’ in face of EPC challenge

Thousands 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...

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Mortgage warning for millions as Bank of England hikes interest...

The 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...

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Property Talk: Interest rates rise again — so are we...

The 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...

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Cautious warning about new 100% mortgages

David 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...

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North east labelled as ‘buy-to-let capital of Britain’

A 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...

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One in four plan to invest in property to generate...

New 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...

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How much stamp duty do I pay on commercial property?

Commercial 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...

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Interest rates rise to 4.25% following February’s surprise inflation increase

“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...

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Why scrapping lifetime pension fund limit will reduce BTL investment

With 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...

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2023 Spring Budget Stamp Duty changes

What are the changes for Stamp Duty in the Spring 2023 budget?

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Buy-to-let could see surge of retirees as pensions fall short

A 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...

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Common Sense from Cornerstone Wins Again

As 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...

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How the government made billions from stamp duty last year

The 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...

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Top tips for first-time buyers looking to step onto the...

David 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...

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Inflation fuels housing market activity in the North

The 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...

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How high will interest rates go? Bank of England in...

Led 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...

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The complete guide to Multiple Dwellings Relief - Save on...

Multiple 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...

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The return to stability: Foreign investment keeps demand buoyant in...

As 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...

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Homeowners weighing up moving or improving to go green

Half 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...

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Sky News feature: One in five of landlords losing thousands...

Some 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...

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MPs unclear about the future of Stamp Duty on UK...

The 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...

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Tenants under 30 risk being “stuck” renting for years

For 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...

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Analysts positive despite largest fall in house prices in 14...

Average 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...

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UK house prices fall at the fastest rate since 2008...

In 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...

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Property Talk: ‘The worst of the market volatility’ strikes the...

But 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...

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HMRC loses SDLT case and is ordered to pay back...

Marcus & 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...

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A guide to stamp duty land tax on non-residential property

Buying 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...

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Overpaid stamp duty? Dentists could be owed £50,000

It’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...

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What buy-to-let landlords must consider - Daily Express feature

We 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.

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Britain faces 'longest recession in history' as Bank of England...

The 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...

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Rent prices have risen, again - and this is particularly...

Many 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...

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Overseas investment to keep UK market buoyant even if domestic...

After 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...

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Thousands of dentists could be owed £50,000 on overpaid Stamp...

Thousands 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.

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Average rate of a new two-year fixed mortgage climbs above...

The 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...

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New stamp duty rates could save buyers thousands

With 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...

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Average rate of a new two-year fixed mortgage climbs above...

The 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...

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A short guide for buy-to-let landlords entering the property market

As 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...

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Stamp Duty cuts on UK property - What does this...

Rocketing 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...

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Stamp duty cut: Liz Truss’s short-term fix or much-needed boost...

The 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...

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What does the new Stamp Duty Cut mean for homebuyers?

Kwasi 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...

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UK Unleashes Slew of Property Tax Cuts to Stoke Market

Rocketing 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...

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Cut to stamp duty announced in the mini-budget in hopes...

The 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...

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What is a non-resident surcharge? A complete guide...

The 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...

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First-time buyers unaware of affordable housing options

Despite 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...

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Is the UK housing market cooling?

The 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...

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Thousands of pension savers could be owed combined £6bn due...

iNews 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.

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First time buyers turning to Bank of Mum and Dad

Soaring 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...

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Are we heading towards a property market crash?

“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...

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Stamp duty free: three ways to avoid paying the property...

This 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,...

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How new disclosure rules could deter foreign buyers

With 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...

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How to make an extra £670 a month from your...

David 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...

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Top Stamp Duty saving tips for landlords

Multiple 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...

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Why landlords are facing big changes that will protect tenants

There 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...

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Average house price now £368,614 - What does this mean...

The 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...

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Will the ban on second homes in Whitby backfire?

Data 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...

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Right To Buy - What's going to change for UK...

Group 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...

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4 million homes now in higher Stamp Duty Bracket. How...

As 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...

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Property market crash: World Bank warns of recession - will...

Property 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...

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Blast off! David Hannah of Cornerstone Tax - Retirement party

"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...

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How to make passive income from your property in 2022

If 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...

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How interest rates rising in 2022 will affect the property...

David 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...

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5 ways to make passive income from your property in...

A 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...

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House prices: Why you should buy a house Now to...

Buying 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....

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When Pension Trustees get it wrong, what happens?

In 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 –...

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Almost 30% of Brits are struggling to service their mortgage

It’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,...

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Top 10 Stamp Duty Reliefs - A simple guide missed...

MDR 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...

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Why new build houses are more expensive than old houses

For 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...

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Cornerstone Tax - SDLT Refunds announcement

Today - 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...

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A guide to Mixed-use developments - When you can save...

We 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...

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Homeowners turn to green renovations to help combat energy crisis

With 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...

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Stamp Duty in 2022 – Insights + changes

The 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...

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A simple guide to Stamp Duty Land Tax (SDLT)

Stamp 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...

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How to tell if you've overpaid on Stamp Duty Land...

Stamp 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?...

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The £10bn hole in the pension industry - SSAS &...

Recently, 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.

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3 examples of cliff edges in Stamp Duty

Over 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...

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5 ways you could save thousands on your Stamp Duty...

Cornerstone’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...

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HMRC guidance change reveals critical error in 3% surcharge for...

HMRC 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...

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Stamp Duty Land Tax (SDLT) on Second Home - How...

Because 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...

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Is the new Stamp Duty Holiday enough? Our thoughts...

The 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...

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How long does a Stamp Duty Refund take?

Still, 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...

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How much Stamp Duty will I pay? A short guide...

In 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...

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Capital Gains Tax on Property – A Beginner’s Guide

Capital 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,...

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The simple guide on how to tell if you’ve overpaid...

If 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...

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How much Stamp Duty do I need to pay? The...

If 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...

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How Multiple Dwellings Relief on Stamp Duty could save you...

One 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’...

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A guide to Mixed-use developments and when you can save...

We 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...

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Why HMRC’s Stamp Duty Calculator isn’t always Correct

It 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...

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Stamp Duty – How HMRC could owe you up to...

So 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...

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