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

Posted 14th September 2023 by ctatax-admin

Cornerstone Tax is the UK’s leading property tax advisers, specialising in Stamp Duty Land Tax. We’ve reclaimed over £15 million in overpaid SDLT in the last 12 months. Contact us for stamp duty advice, or to see if you are eligible to claim a refund from HMRC on overpaid Stamp Duty.

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 by a top 100 specialist Pension Law Firm

At the client’s request, we referred the matter to a solicitor who was instructed to recover our clients’ losses of £50,000 plus interest and costs.

We cannot provide any further details at this time as legal matters are ongoing.

Warnings Ignored for 3 years

Our strenuous efforts to bring this issue to the attention of the Pensions Industry and their panel of lawyers since 2020 were largely, ignored and derided by them and their industry association – AMPS.

Despite the warning that doing nothing was NOT an option, this has been exactly what has happened and, now the launch of this, and other as yet undisclosed, claims against these firms marks the low water mark of what will become a rising tide of Negligence Claims in this area.

They doth protest too much?

HMRC, initially, and the Major Professional Institutes have played their part in trying to deflect and deter claims with misleading and unnecessarily exaggerated statements about the risks.

As a matter of record there has been a 100% success in reclaims from HMRC in this area.

Indeed, in a recent article in the Express HMRC confirmed the position was correct in the circumstances that we have previously outlined.

If you believe you have been affected by this issue, please contact us.

Cornerstone Tax is the UK’s leading property tax advisers, specialising in Stamp Duty Land Tax. We’ve reclaimed over £15 million in overpaid SDLT in the last 12 months. Contact us for stamp duty advice, or to see if you are eligible to claim a refund from HMRC on overpaid Stamp Duty.