Property investors and developers could be entitled to stamp duty refunds according to a report by Property Eye.
The article reports that changes to guidance by HMRC could see investors and developers being paid hundreds of thousands of pounds in stamp duty refunds.
Previously “incorrect guidance online” involved a 3% stamp duty surcharge introduced in 2016 for second homes or residential properties that were bought for investment purposes. The guidance stated that the surcharge applied to Multiple Dwellings Relief claims, even if they were not wholly residential.
Anyone who has paid 3% stamp duty surcharge on a mixed-use multiple dwellings relief claim since 2016 could now be entitled to a refund, the article states.
After several legal cases over the past four years between HMRC and Cornerstone Tax, online guidance regarding the 3% stamp duty surcharge for Multiple Dwellings Relief claims has been amended by HMRC. Chairman and chief executive of Cornerstone Tax, David Hannah, said investors or developers who paid the 3% stamp duty surcharge for mixed-use multiple dwellings since 2016 will now be "entitled to a refund", with the total bill for repayments potentially running into tens of millions of pounds.
For more advice on property tax and refunds please speak to your accountant or tax advisor.
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