SDLT RECLAIM
In certain circumstances When purchasing a property in the united Kingdom you can qualify for a reduction or exemption from Land tax. If you have paid an incorrect amount you can claim a rebate for any overpayments.
WHY CHOOSE MIRADOR?
We have a team of certified tax advisors who can provide professional advice on property transactions to ensure taxation is both accurate and efficient. Our tax advisors specialise in property tax for residential and non-residential purchases. We have helped many clients to successfully reclaim overpayments of land tax following an assessment of available reliefs and exemptions.
If your calculation and payment was correct we will tell you. We do not charge a fee. If your payment was incorrect and we are able to successfully obtain you a rebate, we charge a percentage(%) of the rebate as our fee.
SDLT TAX RELIEF:
1 in 8
SDLT payments are incorrect
£8,025
Average rebate claim
27 days
Average time for payout
Case Study: Uninhabitable Relief
Case Study: 4 Year Deadline
Stamp Duty Land Tax (SDLT) is usually payable when buying a property or land in England and Northern Ireland. Scotland and Wales have their own property transaction taxes: Land and Buildings Transaction Tax (LBTT) in Scotland and Land Transaction Tax (LTT) in Wales.
Our team of certified tax advisors will validate both the eligibility of the property and the calculation of the tax paid. If there has been an error in calculation our advisors will manage any application for refund.
Are you buying a property that may qualify?
If you are in the process of purchasing a property then speaking with one of our team of certified tax advisors may enable you to reduce your property tax liability. There are a number of qualifying criteria that can offer either relief or exemption from SDLT / LBTT / LTT or a possible surcharge. Book a consultation if you are purchasing a property that includes mixed use, or if you are a charity purchasing or being transferred land. Or if you are purchasing a dilapidated property we can advise on what evidence is required for the property to be classed as uninhabitable, qualifying for SDLT relief.
KEY POINTS TO CONSIDER
SDLT / LBTT / LTT is usually payable when buying a property or land. The tax is based on the purchase price or the market value of the property, whichever is higher.
Different rates apply to different portions of the property's price. There are various thresholds and bands determining the amount of tax payable. First-time buyers and other specific circumstances might have different rates or exemptions.
Rates: The taxation rates vary based on the property price and whether it's a residential or non-residential property. Additional rates (also known as surcharges) apply for second homes or buy-to-let properties.
Payments and Deadlines: the tax is usually paid to HM Revenue and Customs (HMRC) or Revenue Scotland or Wales within 14 days of the property purchase completion date. Your solicitor or conveyancer often handles the payment on your behalf as part of the purchasing process.
Exemptions and Reliefs: Certain exemptions and reliefs are available, such as first-time buyer relief, relief for multiple dwellings, if the property was uninhabitable (this has a number of specific criteria), and exemptions for certain types of transactions like transfers to spouses or civil partners.
How Do I Reclaim SDLT?
The guidelines for calculating SDLT can be complex depending on the characteristics of your property purchase transaction. So if you believe you may have overpaid and be eligible for a refund we recommend you speak with a certified tax advisor who will provide professional advice.
To make a claim the process involves:
- Checking whether you are eligible for either a relief or an exemption
- Gathering evidence to support your claim, such as documents relating to the property purchase.
- Calculating the correct SDLT
- Submitting your claim to HM Revenue & Customs (HMRC)
- Answering any queries raised by HMRC as your claim is processed
Our certified tax advisors will manage the entire process on your behalf.
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If you would like an exploratory conversation to see if you are eligible for a refund of SDLT then you can book a meeting directly with our tax experts. Alternatively, if you have a question you would like answered first, then please submit your message using the form.
Our dedicated advisory team is ready to assist you on your journey to achieving optimal tax outcomes.
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