The most expensive thing the average person buys is their home, which can be daunting when you look at the financial investment needed to purchase a property. Many people are unaware of the taxes involved when buying and selling property, and this form of taxation is known as SDLT (Stamp Duty Land Tax). When buying or selling property, you must be aware of this as there are various situations where you must pay this tax. Below is more information about this tax and how you can reduce how much you pay by using an expert and knowledgeable service.
When Do You Pay Stamp Duty?
Stamp Duty is paid when you purchase land or property which exceeds a specific value, and the amount you pay depends on the value of the sale. The buyer of the property pays this tax, and you will not pay anything if the property’s value is lower than £125,00.00. When purchasing a property between £125,001.00 and £250,000.00 in value, the tax is 2% of the property’s value. It can increase to as much as 10% when the property value exceeds £925,001.00; for anything over £1.5 million, the tax is capped at 12%. However, there are often cases when people pay the wrong amount of stamp duty, and sometimes they are entitled to refunds of the stamp duty they paid.
Qualifying For A Stamp Duty Refund
There are cases where property owners are entitled to a refund of the stamp duty they paid, and this is where David Hannah at Cornerstone can assist you. David and his team of professionals can assess your current situation and see whether you are entitled to a refund of the Stamp Duty. When you have multiple properties, you can claim back the stamp duty you paid if selling your primary property within three years of buying a new home. There are deadlines that you need to submit a claim by, or you will lose your eligibility to claim it back.
You will want to make your claim as soon as possible, and you can approach David and his team at Cornerstone to help you with this task. They can look at your eligibility to claim back the Stamp Duty and ensure you are entitled to it, and ensure the process is quick and painless.
Submitting Your Claim
When you are using a professional service such as that supplied by Cornerstone to claim back your Stamp Duty, all you need do is sit back and relax as they take care of all the hard work. They will complete all the necessary paperwork and submit your application on your behalf while you take care of everything else in your life. They can ensure as few complications in your claim as possible and get the money back in your account as quickly as possible. You can often have the funds in your account within 15 days if there are no problems, and you can prepare to spend or invest your refund while waiting for it to hit your account. When you want a no-hassle way of claiming back Stamp Duty, David Hannah and the team at Cornerstone can make it a simple and painless process.