SDLT refunds for property companies?

by Readers Question

8:03 AM, 26th October 2018
About 3 weeks ago

SDLT refunds for property companies?

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SDLT refunds for property companies?

I have had some success in obtaining refunds on overpaid or wrongly paid SDLT on properties I had bought in a limited company and I wondered if any others had had a similar experience.

We were surprised at how easy the application process was although I couldn’t find the information on the Revenue website and the solicitors I had used for many years had never heard of the refund process being available.

I am wondering has anybody else had the experience of obtaining SDLT refunds, did they find the process simple, have they made many applications, how long did it take from start to finish etc.? Given how much of a burden SDLT can be in terms of costs to a deal, presumably many people will be keen to apply for SDLT refunds.

John



Comments

Peter Fredericks

10:22 AM, 27th October 2018
About 3 weeks ago

Please could you clarify the grounds on which the SDLT refund was due? How were the SDLT tax returns as originally submitted by the solicitors wrong? I ask this because we are now changing to residential property development through companies and not in our own names...and I don't want us to miss an opportunity. Thanks

Samantha Butcher

8:56 AM, 28th October 2018
About 2 weeks ago

Reply to the comment left by Peter Fredericks at 27/10/2018 - 10:22
Peter, There are about 16 different ways they SDLT can be wrong and the major part is finding out which. Once you nod that the repayment process is simply to send a letter amending the Return. HMRC are a bit slow dealing with these (no surprise there!). But do get around to it.

The important thing is to get specialist advice on the error or, perhaps, get the advice before you complete and pay the right amount in the first place.

A chance remark to my husband (who’s an accountant) saved us over £3,000 on a small purchase as there was a relief that I and my solicitor weren’t aware even existed!


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