Nobody likes paying taxes, and it seems we pay taxes on everything that we buy and own, so anything you can do to claim some of that money back is welcome. When you buy a property, you must pay stamp duty, but there are times when you can claim this back, and the process is simple. You can claim the stamp duty back yourself or use a professional company to help simplify the process and ensure you get your refund quickly if you are entitled to one. Below is more information on who is entitled to a stamp duty refund and the best way to claim it back.
Who Can Claim A Stamp Duty Refund?
There are various scenarios where David Hannah from Cornerstone can help you claim back the stamp duty you have paid. When you own more than one property and decide to sell one, this may entitle you to a stamp duty refund. You must have completed the purchase within the last three years to qualify, and if you are unsure whether you qualify to claim back the stamp duty you have paid, contact David Hannah at Cornerstone. David and his team can tell you whether you are eligible or not and assist you with your claim if you qualify.
The Different Rates Of Stamp Duty
The amount of stamp duty you pay when buying a property can vary, depending on the type of property you purchase. Below you can see some of the rates of stamp duty you can pay when buying a property, indicating how much you might be able to claim back.
First-Time Buyers: If you are a first-time buyer, you do not have to pay any stamp duty, and you can purchase a property up to a value of £500,00.00. If you bought your property before the 8th of July 2020, you might also qualify for this stamp duty discount, and you can click here for more information.
Residential Properties: The stamp duty you can pay on residential properties will vary depending on their purchase price, and you can pay between 0% to 12%. However, if you purchase a property valued at £125,000.00 or less, there is no stamp duty to pay unless it is a second property.
Commercial Properties: The stamp duty you pay on a commercial property is lower than you will pay on a residential one. You will not currently pay stamp duty if the property’s value is less than £150,000.00. For properties between £150,000.00 and £250,000.00, the rate of stamp duty is 25, and for commercial properties over this value, the stamp duty is 5%.
Claiming Back Your Stamp Duty
The easiest way to claim back the stamp duty you have paid is by speaking to a company like Cornerstone, which can take care of all the paperwork for you. They can streamline the claim process and ensure all the forms are filled out correctly so you can receive your money back quickly. You can also claim it back yourself if you want to go through all the paperwork, and you can see the forms to apply for this by clicking here.