Stamp Duty Land Tax (SDLT) is a tax paid by individuals and companies when they purchase a property in the UK. The tax is calculated based on the purchase price of the property and is typically paid by the buyer. However, in some cases, it is possible to claim a refund of SDLT if the purchase price is below a certain threshold.
SDLT is a complex tax and the rules surrounding it can be confusing. It is important to seek professional advice if you are unsure about how to claim a refund. At Target Accounting, we have a team of experienced SDLT experts who can help you navigate the process and ensure that you receive the maximum refund possible.
Who is eligible for an SDLT refund?
Not everyone is eligible for an SDLT refund. To be eligible, you must have purchased a property in the UK and paid SDLT on the purchase. You must also have a valid reason for claiming a refund, such as the property being worth less than the purchase price.
For example, if you purchased a property for £200,000 and it is now worth £150,000, you may be eligible for an SDLT refund.
The process of claiming an SDLT refund can be complex and time-consuming. It is important to seek professional advice to ensure that you receive the maximum refund possible. At Target Accounting, we have a team of experienced SDLT experts who can help you navigate the process and ensure that you receive the maximum refund possible.
How to claim an SDLT refund
To claim an SDLT refund, you will need to submit a claim to HMRC. You will need to provide evidence of the purchase price of the property and the amount of SDLT paid. You will also need to provide a valid reason for claiming a refund, such as the property being worth less than the purchase price.
It is important to note that HMRC has a strict deadline for submitting SDLT claims. You must submit your claim within 12 months of the purchase date. If you miss the deadline, you will not be able to claim a refund.
Conclusion
Claiming an SDLT refund can be a complex and time-consuming process. However, with the help of a professional, you can ensure that you receive the maximum refund possible. At Target Accounting, we have a team of experienced SDLT experts who can help you navigate the process and ensure that you receive the maximum refund possible.
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