Posted 07th January 2022 by ctatax-admin
We’d all like a big refund from the taxman, now more than ever. Between the privations of Lockdowns and the recent budget changes hitting us all a little harder in the wallet, a windfall from Her Majesty’s Revenue and Customs would be a welcome thing in most U.K. households.
But what if that windfall was not only waiting for you but actually formed a part of your household itself? What if you had thousands – even tens of thousands – sitting in HMRC’s bank account when it really ought to be in yours? How would you know, and how would you go about claiming it?
. Stamp Duty Land Tax, also known as SDLT or simply Stamp Duty, is one of the least understood taxes in the U.K. today
. One of the taxes that every single owner of the property will have paid
. As of 2018 that was 63% of households in the country paid SDLT
There are several factors in answering that question. The complexity of the legislation is one – to date, there are over 40 exemptions, exceptions, and reliefs tied up in the legislation, many of which remain obscure to all but the most committed experts on the subject. The specific calculator provided by HMRC for the use of both the general public and solicitors dealing with purchases is another – HMRC itself has referred to it as ‘a guide’ – misses many of the aforementioned factors and therefore often produces incorrect results. HMRC provides little in the way of timely support for solicitors, who are themselves often subject to strict time pressures in regards to transactions, meaning that nuances that may impact the SDLT liability on a purchase can be overlooked.
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 gardens, extensive outbuildings etc. Perhaps you bought a property that has both residential and commercial elements – a flat above a shop, or property with commercial land attached.
Essentially, if there is anything that would set your property apart as somewhat unusual compared to a ‘bog standard’ home, then there’s a chance that your Stamp Duty may have been incorrectly calculated, and that you may therefore be owed a refund.
Finding out for sure and getting the refund you may be owed is a different matter. You’ll need an expert to examine your original purchase, look at the details of your property and confirm any errors that were made. That expert then needs to write to HMRC with a detailed explanation of what was done wrong, why they think a refund is due, and a completed amended return.
So how do you find that expert? Simple, call us on 01858 894349 or complete the contact form below to register your interest and get a no-fee, no-obligation initial assessment. You’ve nothing to lose, and potentially quite a lot to gain.
Contact us now to see if you are eligible for a refund from HMRC