How To Claim Back Stamp Duty On Your Property Transactions (Step-by-Step)

When you buy a property, you have to pay stamp duty. This is a tax that is applied to the purchase of a property. It is determined by the amount of money that you are buying the property for and the location of the property.

stamp Duty Refund on Additional Residential Properties

Step 1: Calculate How Much Stamp Duty You Have Paid

The first step is to calculate how much stamp duty you have paid on your property transactions. This will depend on the amount of money that you have used to buy the property, as well as the location of the property.

For example, if you have used £100,000 to buy a property, then you would need to pay £10,000 in stamp duty. If the property is in London, then you would also need to pay an additional tax known as Council Tax.

From 1 April 2016, the UK government increased residential stamp duty rates for people purchasing an additional property or buying to let property. The new rates apply to any person purchasing an additional property after this date, resulting in a much higher SDLT amount than expected.

If you want a stamp duty refund for additional residential properties or Buy to Let property in the UK then read the whole process of claiming back stamp duty here and get answers to your all queries.

Step 2: Find Out If You Are Eligible To Claim Back Stamp Duty

If you have paid stamp duty on your property transactions, then you are likely eligible to claim back this money. To find out if you are eligible, simply contact the stamp office where you made your purchase. They will be able to help you determine if you are eligible and provide the necessary information to make a claim.

Step 3: Make A Claim For Refund Duty by Yourself

Once you have determined that you are eligible to claim back stamp duty, the next step is to make a claim. To do this, you will need to visit your local stamp office. There, you will need to provide the necessary documents and proof of residence. The stamp office will then process your claim and send you a refund in the form of a tax refund or a cheque.

Step 4: Claim Back Stamp Duty On Your Property Transactions

Now that you have calculated how much stamp duty you have paid, it is time to claim back this money. The process of claiming back stamp duty is relatively simple and can be done online or in person.

The online process is simple and can be completed within a few minutes. All you need is your tax certificate, the property purchase document, and the relevant proof of residence.

If you would like to claim back stamp duty in person, then you will need to visit your local stamp office. You will also need to bring along the following documents:

  • Your tax certificate
  • The property purchase document
  • The relevant proof of residence
  • Your bank statements for the period in which you have owned the property
  • Any other relevant documents

Conclusion:

Stamp duty can be a huge hassle if you don’t know how to claim back it. Follow these steps and you will be able to get all of your money back!