Stamp duty is a tax that most of us have to pay when purchasing a property, depending on its value, and there are times when you can get a refund on this. However, as with most taxes, it is something you need to be aware of, and if you are entitled to one, you need to apply for it, as you will not simply receive a cheque in the mail when you are due a refund. If you have more than one property and have sold one within the last three years, you may be eligible for a refund on stamp duty, and to find out more information, you can click here. Below are a couple of ways to claim this stamp duty back, and it is a quick and painless procedure, usually processed within 15 working days.
What Is Stamp Duty?
When you buy a home, commercial property, or land over the specified value, you must pay tax in the form of stamp duty. The threshold for a home is £125,000, so you will pay stamp duty on the home’s value if it is worth more than this amount. For commercial property, the threshold is £150,00, and the amount of stamp duty you will pay on a residential or commercial building will depend on its overall value. There is one exception for first-time buyers, where they can purchase a property up to the value of £500,000 without having to pay stamp duty.
Using A Professional Service To Claim Back Stam Duty
If you are looking for a quick and easy way to claim back the stamp duty you have paid, the best way is to use a professional service such as the one provided by David Hannah and Cornerstone. They can make claiming back stamp duty a quick and painless process, and they are known for providing excellent advice thousands of homeowners have used. You can use the internet to find out more information about who David Hannah at Cornerstone is, and there are also other companies providing a similar service. Do a quick search using the internet and you can find various companies offering assistance for claiming back stamp duty for a fee.
Making A Claim Yourself
You can also claim a stamp duty refund yourself, and it is a relatively simple process. You will need to download a form from the HMRC website, fill it out, and send it back to them via post. You can also fill the form out online, and you will also need to submit all the relevant details whichever way you apply for your refund. Once HMRC has received the claim, they will usually process it within 15 working days of receiving it, so within three weeks, you can have the money refunded to your account.
Once you have made your claim for your stamp duty refund, you need to sit back and wait for it to arrive and decide how you will spend the money. A new car, a holiday, or whatever else you want to buy will be a welcome addition to your life, or you can save it for a rainy day.