Osmai Management
Stamp Duty Land Tax
Our partners can help you ensure that you are paying the right amount of tax on a new property purchase, or help you to claim back overpaid Stamp Duty Land Tax (SDLT) on any qualifying purchase made in the last four years.
Stamp Duty Land Tax (SDLT) brought in £13 billion for HMRC in 2017 – an increase of 95% in 5 years. Of these transactions, 1 in 6 is calculated in error, meaning that £2 billion in overpaid SDLT may be owed by HMRC. HMRC is currently attempting to process 900 refunds per month – a 400% increase in claims.
Commentators believe that the blame for this situation lies with HMRC and its often maligned online tool, which is relied upon by accountants, solicitors and buyers to calculate the correct amount of SDLT to pay. The tool often fails to take into account available discounts and reliefs which can reduce the total amount payable. The introduction of the 3% surcharge has confused matters even more.
Taking professional advice from our partners will avoid costly mistakes such as:
- Paying the 3% surcharge when it is not required.
- Classifying a property incorrectly.
- Not using connected parties to the transaction.
- Not taking into account facilities and provisions present on the Title Deeds.
As standard, you will receive written advice and certification from a team of Chartered Tax Advisors backed by £1 million in insurance cover.
Our partners can help you ensure that you are paying the right amount of tax on a purchase, or help you to claim back overpaid SDLT on any qualifying purchase made in the last 4 years.
As an example, a London sales agent approached us as they felt that a former client had overpaid SDLT on a significant purchase:
- Bought in 2017
- Purchase price: £7,900,000
- SDLT paid: £861,750
- Amount recovered for the client: £334,075
If you would like to arrange a no-obligation consultation with an expert, contact us through this website.
Contact Us
Osmai Management LTD
Registered Agent & Office Address: