Have You Overpaid SDLT?
With new and more complex Stamp Duty Land Tax (SDLT) rules, many property owners are overpaying SDLT. If you have overpaid SDLT you only have 12 months to claim a refund.
Stamp Duty Land Tax is payable on the acquisition of freehold or leasehold property if the purchase price is over a certain threshold.
In recent years the SDLT legislation has become increasingly complex leading to a higher risk of errors in the calculation of SDLT and the corresponding tax return.
Situations which require particular care include the renewal of leases and the purchase of additional or multiple properties, especially where this is between the same vendor and purchaser.
When purchasing multiple properties the combination of the Linked Transactions rules and the introduction of the new 3% surcharge by the Finance Act 2016 can result in very high SDLT rates applying. Therefore it is important to ensure you are making the most of any available tax reliefs. When renewing leases, care has to be taken to ensure that you do not fall within the successive leases rules which can result in unexpected SDLT charges arising.
You have 12 months after the filing date to amend your SDLT return and reclaim any tax which has been overpaid. Therefore it is important to act now if you are concerned that you may have made an error. We can help you by reviewing your SDLT position and advising you on any next steps if necessary.
At Garbutt + Elliott we have an experienced team of tax professionals who specialise in advising on SDLT matters. We have already saved our clients thousands of pounds in SDLT following a review of their individual circumstances.
If you would like any further advice please contact myself or Rob Durrant-Walker at firstname.lastname@example.org – 01904 464 100