Following a conversation with an accountant I was informed that some people may be paying or have paid too much tax.
Stamp Duty Land Tax (SDLT) to be precise, so I asked him for a brief summary, see below, which I thought I would share with you as it may be relevant to some of you, or indeed friends and family. It may also save you paying ?'s too much or indeed get you a refund from HMRC!
"An area that many people are unaware of is the ability to pay a reduced amount of Stamp Duty Land Tax (SDLT), if they buy a home that has an annexe. This can be attached to the main property or stand alone.
There are various rules around the conditions that need to be met, but if they are met, this can save significant SDLT.
We have just made a successful claim for a client; they purchased their property earlier this year for ?450k, paid ?12,500 in SDLT and applying the rules around annexes I was able to reduce this to ?4,500 obtaining them a repayment of ?8,000. Naturally, larger value properties with Annexes have the potential to generate a much higher repayment.
Additionally if clients are looking at acquiring a property with an annex specifically then it may be very useful for them to understand these rules ahead of their purchase.
I thought it might be useful to share this with you as it seems to be an area that is overlooked.
I attach a link to a PDF that you are very welcome to share with clients, giving the headline information to know whether this is something that may be relevant to them."
Andrew Manderfield
Streets Chartered Accountants
Please click here to view the PDF. I hope this is of help and it just shows the need to be well informed - it could save you ?'s
Kind regards
Paul
Paul A Clark FNAEA, ACMI, MARLA, FNAEA (COMM)
Managing Director
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