Posted 03rd November 2023 by ctatax-admin
A HMRC warning has been issued – over a common mistake that could mean you’re owed thousands. Tax specialists claim that the average overpayment to HMRC currently sits at £27,000 – with one Midlands business owner wrongly charged for stamp tax recently.
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 accountant, who notified me that there was a possibility I had been overcharged on stamp duty when transferring my property into my pension.
“Cornerstone investigated my transaction and found that I had overpaid on stamp duty, and they were successful in reclaiming a refund for me from HMRC. Both my accountant and Cornerstone were a pleasure to deal with and were efficient at gaining the refund for me.”
Cornerstone Tax claims the average overpayment to HMRC currently sits at £27,000 – a whopping windfall for many. “Many of the Stamp Duty Land Tax (SDLT) claims we receive from repayment agents are wrong and some will make incorrect claims just so they can charge a fee,” a HMRC spokesperson said.
“People should be very careful before allowing an agent to make SDLT claims on their behalf. Where a SDLT repayment is due, on average more than 90 percent are paid within 15 days.” David Hannah, group chairman of Cornerstone Tax said the overpayments occurred because people were simply not aware of and did not utilise the reliefs and exemptions.”