Stamp duty land tax
There are several reliefs available for Stamp Duty Land Tax (SDLT) in UK.
Stamp Duty Land Tax Reliefs.
First-Time Buyer Relief, Shared Ownership Relief,, Multiple Dwellings Relief (MDR), Charities Relief, Transfers between Spouses or Civil Partners, Relief for Certain Acquisitions of Residential Property in Disadvantaged Areas, Relief for Companies and Groups, Agricultural Relief, & Property Developer Relief.
Stamp Duty Land Tax.
It’s important to note that each relief has specific eligibility criteria and conditions that must be met in order to qualify. Additionally, claiming relief may require submitting additional documentation or information to HM Revenue and Customs (HMRC). Consulting with us is advisable to determine eligibility and ensure compliance with SDLT regulations.
Uninhabitable, Substantial renovation relief.
Substantial renovation relief applies when a property is purchased with the intention of undergoing significant renovation or reconstruction to make it suitable for use as a dwelling. The property must be considered uninhabitable or not suitable for use as a residence in its current condition.
Under substantial renovation relief, SDLT may be charged at a lower rate based on the property’s value before renovation rather than its final improved value. This can result in a reduced tax liability for the purchaser, reflecting the additional costs and efforts involved in renovating the property.
There’s a time limit for claiming a SDLT refund, typically within 12 months from the filing date of the SDLT return.
4 years for overpayment, in cases where SDLT has been overpaid due to an incorrect valuation or calculation, a refund can be claimed.
Accuracy and Compliance: It’s crucial to ensure that all information provided in the refund application is accurate and complies with HMRC guidelines to avoid delays or complications in the process.
We understand the importance of securing the refunds you’re entitled to promptly and efficiently. Our expert services are designed to guide you through the process, ensuring accuracy, compliance, and peace of mind every step of the way.
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