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Reclaim Your SDLT Refund
Stamp Duty and Land Tax Rebate

Everyone must pay Stamp Duty Land Tax on their land or property in England and Northern Ireland – if the property’s value exceeds a certain amount. The rules governing SDLT have changed dramatically over the past few years, yet the complexity of calculating the tax amount has remained the same. SDLT calculation and seeking refunds are challenging for most businesses and individuals. Let’s break it down for you over here.
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Features To Look For During Purchase of A Property

  • Does the land you are purchasing come with the permission to construct and develop residential units?
  • Are you buying an office building (with development rights) that can be converted into residential units or housing?
  • Are you purchasing residential property along with commercial property or mixed-use land?

Stamp Duty and Land Tax Refund

SDLT Residential

As the Stamp Duty and Land Tax on property rules are complex, many individuals end up overpaying the tax. The department has refunded millions of pounds of overpaid stamp duty amount to landowners over the years. 

With the laws changing every few years, there is a fair chance that you have overpaid the SDLT and could be eligible for a refund. Although many individuals and businesses, particularly the latter, seek the services of reputed legal conveyancers or solicitors to work out tax and refund amounts, the individuals and companies have to pay the tax.

Stamp Duty Land Tax

SDLT Investor

As an investor, it is easy to overlook stamp duty tax or pay an exorbitant higher amount than legally required. Suppose you are an investor – an individual or a business – buying an additional property (that doesn’t replace the primary property) or getting a ‘buy-to-let’ residential property. In that case, you could be paying a higher SDLT or higher surcharge.

With tax rules undergoing a massive re-haul in recent years, it is possible that many businesses and individuals do not have a complete understanding of the tax rules. Owing to this, they might end up overpaying their due tax amounts.

Property Developer SDLT

The property developer is also subject to certain legal obligations that they are required to fulfil. Planning permission is generally given to developers on a pre-condition that the developer would also develop certain basic amenities for the community. Some examples of these amenities include schools, parks and more.

Once the said obligation is completed, the property is transferred to the authorities to run. Here, the developer could end up paying two successive SDLT charges to the tax authorities - once when the land is bought from the original landowner and next when the developed building or school is handed over to the authorities. If such is the case, the developer can claim SDLT relief on the first sale.

Property Incorporation and R & D Relief

The term property incorporation means converting a property interest from a single or partnership into a limited company. When you own a property through a limited company, you can enjoy several tax-saving benefits. You have to calculate the right amount of SDLT tax owed by you and accurately structure your portfolio so that you pay only the legally required amount.

The government introduced Research and Development Relief in the year 2000 to positively encourage and reward businesses that help scientific advancements and innovations across the country. Research and development are understood to happen when a company, with their projects, tries to advance the capabilities of technology or science. Although this is a highly beneficial and appreciated scheme launched by the then-government, it is not being claimed by at least a majority of companies, simply because they are either not aware of such a scheme or assume they won’t qualify for it.

Wrapping Up

Calculating the Stamp Duty Land Tax is undoubtedly a tedious and time-consuming one. The sheer number of times the tax laws have been tweaked and the complexity of the norms and calculation have ensured that SDL tax is one of the most complicated ones in the UK. That’s precisely why it is essential to seek the help of legal advisors and experienced solicitors who can guide you on paying only the required amount of tax and getting a refund on excess payment of SDLT.

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