The number of households applying for stamp duty refunds has increased from 8,513 in 2016/17 to 15,967 in 2017/18, according to a freedom of information request.
The rise in refunds, which totalled £75 million in 2017/18, is caused by solicitors submitting inaccurate bills after using HM Revenue & Custom’s online calculator which does not register discounts worth thousands of pounds that apply if a buyer has a granny annexe, a commercial building or farmland attached to their property.
What’s more, the flawed and overly complicated stamp duty system is also leaving people waiting months for refunds.
If you think that your Stamp Duty Land Tax bill is rather high, our tax team is available to review your situation and work with your solicitor to arrive at the correct liability.
Contact your usual Beavis Morgan Partner for further information about how we can assist you and your business. Our experts are available to guide you through the tax maze and help you with bespoke solutions to ensure that you and your business are as tax efficient as possible.