Under the new rules home owners buying an additional property will pay the higher rate of SDLT.
The rules can be rather complex in some situations. Take the case of David Page, which was reported in The Telegraph.
David Page ended up overpaying SDLT by £13,000.
The facts of the case were as follows: David Page had three buy to let properties and was living in a rented accommodation, when he bought a house to live in. His solicitors insisted on him paying the higher rate. This was wrong. To his solicitors’ credit, HMRC also provided the same wrong advice to his MP, who has tried to intervene on his behalf.
It appears the new SDLT legislation is very complex and could even be confusing at times.
If you are unsure you should seek specialists’ advice. We will be happy to review any potential overpayment claims on SDLT.
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