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

Posted 04th 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 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 request we referred the matter to a specialist solicitor who was instructed to recover our clients’ losses of £200,000 plus interest and costs.

Read: Our Forbes article: HMRC refunds £30 million in overpaid stamp duty

The fact that a large firm can commit such a major error brings into sharp focus the issues surrounding Stamp Duty in the conveyancing process and the number of errors being made by inappropriately trained under-experienced staff, who are being handed files to do a Return without the in-depth knowledge of the transaction, and the client, necessary to get the calculation right.

At a time when PI Insurers are declining to cover claims where such deficiencies exist the story about an Accountant forced to sell his practice should be focusing the minds of all conveyancing professionals and their risk departments on the seriousness serious financial consequences that can flow from even a single claim.

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

If you believe you may have been affected by a similar issue please contact us.

Contact us today

Here at Cornerstone Tax, we are Stamp Duty Land Tax (SDLT) experts.
You can call us on 01858 894349 or email us at newbusiness@ctatax.uk.com