How to reclaim the additional stamp duty on your home
We had been contacted recently by an unlucky sole who had been caught out by a simple rule. The facts are that the individual was unable to sell his existing home and therefore decided to buy a new home and to later sell his existing home. This would involve paying the extra 3% stamp duty on the new home. He was aware that to reclaim this additional 3% stamp duty he must sell his first home within 3 years of purchasing his new home. This he did. However, he was caught out by the second rule:
You MUST make a claim for a refund within 12 months of the later of:
- Date of sale of your first home, or
- Filing of the SDLT return for your new home
TIP: Don’t delay making a claim for a refund and here is the link https://www.gov.uk/guidance/apply-for-a-refund-of-the-higher-rates-of-stamp-duty-land-tax
