When you purchase land and property, depending on its value you must also pay stamp duty, which is a form of taxation that goes to the government. There are various things to look at when determining the stamp duty you must pay, and there are times when you can claim stamp duty back. Whether you own multiple properties that you buy and sell or you overpay stamp duty on one property, it is often best to seek professional help. Below is some advice to making claiming back your stamp duty a simple task by using a professional and reputable service, such as Cornerstone.
Simplifying Land Tax
As with any area of taxation and law, land tax can be complicated, and the average person is unaware of many exceptions to these obligatory taxes. Using a Land Tax specialist, such as David Hannah at Cornerstone, is an excellent way to use the knowledge and experience available and ensure you get the correct refund for your stamp duty. Specialising in areas such as land tax allows Cornerstone to provide an excellent service putting their knowledge and expertise to use and making it simple for clients to get back the tax they paid.
Who Is Entitled To A Refund Of Stamp Duty?
There are rules in place for the amount of stamp duty you must pay when purchasing a property, and this is a sliding scale, so the higher the value, the more tax you pay. The amount you pay for residential does vary, and for a property with a value up to £250,00.00, there is no stamp duty to pay. However, there are exceptions, such as if you already own a property, you have an additional surcharge to pay, or if you are from overseas. It is here where things start to get complicated, and you need the assistance of a land tax specialist to help you ensure you do not overpay and claim back your entitled refund.
Working Out Your Refund
When using a company such as Cornerstone to help you claim back stamp duty, they can quickly assess your circumstances and determine what refund you are entitled to claim. An example of how the stamp duty you pay is determined is as follows:
Value of the property = £300,000.00
On the first £250,000.00, there is no stamp duty to pay, but on the rest of the value, you must pay 5%.
5% of £50,000.00 is £2500
The total amount paid in land duty for a property valued at £300,000.00 is £2500.
Now that you know the correct price, they will check to see what you have paid in stamp duty, and if you qualify, they can claim a refund on your behalf.
Make Applying Simple
The expert consultants at Cornerstone will complete all the necessary paperwork correctly and ensure nothing is missing. They can submit everything on your behalf, arrange for the refund to be paid directly into your account, and ensure there is no hassle for you. Refunds are usually within a couple of weeks, and it will be a welcome bonus when it appears in your bank account.
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