Pre-Completion Investor Saves £36,145 on SDLT
Every year thousands of people overpay their Stamp Duty Land Tax (SDLT) due to incorrect calculations made using HMRC’s calculator, which is the predominant tool used to calculate Stamp Duty for investors and developers.
The HMRC calculator produces a guide SDLT figure, which works best for simple transactions. However, the HMRC calculator does not take factors such as the purchase of mixed-use land or complex transactions into consideration, which can lead to overpayments.
When overpayments occur – often due to the expectancy of solicitors to be both property and tax experts – property developers, investors and residential buyers can seek SDLT relief.
A developer referred pre-completion investor Mr Qaasim to us as he was in the process of purchasing three new build properties. He wanted to ensure he had been quoted the correct SDLT liability on the transaction.
After initial contact, our expert team began a full review of the client’s purchases to assess whether the client had been quoted the correct amount of SDLT liability on the three new build properties.
As a result of our investigation, we found that the client was eligible for SDLT relief and we were able to save Mr Qaasim £36,145 on stamp duty land tax.
Our client was pleased with the SDLT savings we helped to secure and is now looking for his next purchase, for which he intends to use our services again. When asked about the service provided, Mr Qaasim said:
“Innovation 4 Business have shown me nothing less than stellar work and determination in supporting me through my purchase.
“They listened and helped me through the process every step of the way until the end.
“I was incredibly impressed with the quality of service and would highly recommend to anyone seeking advice or assistance to contact Innovation 4 Business.”
Innovation 4 Business
Whatever your situation, we have a dedicated team of experienced tax specialists who can help find a simple solution to your tax needs.
Whether you are a property developer, investor or have completed on a residential purchase, if you would like to find out whether you have overpaid on your stamp duty, get in touch and we can help discover whether you are entitled to relief.
Our main areas of expertise are in Stamp Duty Land Tax, Property Tax, Property Partnership Incorporation and Research & Development Relief. In addition to this, our parent group ARMCo offers integrated services to enhance and add value to our clients’ transactions, from land acquisition, finance and new home sales.
How do I know if my property would qualify?
If you are unsure whether you could be entitled to SDLT relief, there are a few features to consider:
- Did you purchase commercial property together with residential space or mixed-use land?
- Did you purchase an office building with permitted development rights for conversion to residential housing?
- Did you purchase land with the benefit of planning permission to allow the development and construction of residential housing?