Useful tips

How do I get a refund on stamp duty?

How do I get a refund on stamp duty?

The buyer of the property can get a refund of 98% of the stamp duty, if an application is made for a refund of the stamp duty. With the refund application, you are required to attach the original agreement, as well as the original cancellation deed, with both the documents being registered.

What is a stamp duty land tax return?

Stamp duty Land Tax (SDLT) is a transfer tax paid to the government by the buyer of a home or land over £125,000 or a second home or land over £40,000 in England and Northern Ireland. In Scotland, the equivalent tax is called Land and Buildings Transactions Tax (LBTT).

Can I claim back second property stamp duty?

Second home stamp duty refund You will be eligible for a stamp duty refund on your second home surcharge if you sell your main residence within three years of paying the additional 3%.

Do you have to pay back the stamp duty?

You have 14 days after you complete on the purchase of a property to file a return to HMRC and pay any stamp duty that is due. Your solicitor or conveyancer will usually calculate and pay your stamp duty bill on your behalf.

When to claim a stamp duty refund on a new property?

However if you were to sell your current property within 3 years of buying the new property in London, you will be entitled to make a claim for a refund of the additional SDLT paid. This would be for the amount of £17,850 (£37,600 minus standard stamp duty rates of £19,750 on a £595,000 purchase). How long does a Stamp Duty Refund take?

When do the new stamp duty rates come into effect?

Use the SDLT calculator to work out how much tax you’ll pay. The 3% higher rate for purchases of additional dwellings applies on top of temporary reduced rates above for the period 8 July 2020 to 30 June 2021 and also for the period 1 July 2021 to 30 September. The following rates apply:

Do you have to pay stamp duty if you own property abroad?

If you own property abroad and you are purchasing a property in England, Wales or Northern Ireland, then you will have to pay the additional higher rates of stamp duty on your purchase. HMRC take into account any properties owned all over the world when looking at whether additional SDLT is payable on your purchase.

Do you have to pay higher stamp duty if you sell a house?

Ask for a repayment of the higher rates of Stamp Duty Land Tax (SDLT) for additional properties if you sell what was previously your main home. You can apply for a repayment of the higher rates of SDLT for additional properties if you’ve sold what was previously your main home if you’re either the: