How to Understand the Stamp Duty Refund for Uninhabitable Property Rules?
You have probably seen the headlines – ‘Stamp duty refund for uninhabitable property’. So, what does this actually mean? Under new rules which came into effect on the 1st of October 2019, home buyers who purchase a property that is then deemed uninhabitable are eligible for a full refund of the stamp duty paid. This is because, under the new rules, the property is considered to be ‘not worth the money paid for it. So, if you have purchased a property that is uninhabitable, you may be wondering how to go about claiming your stamp duty refund. In this blog post, we will explain everything fromstart to finish about the process, and why you should consider hiring Stamp Refunds to represent you to the HMRC.
What is a Stamp Duty Refund for uninhabitable property?
A stamp duty refund is a tax relief that may be currently available to you if you have bought a property that is uninhabitable.
You may be eligible for a stamp duty refund if:
-The property is uninhabitable and you have not been able to live in it since you purchased it.
-The property is uninhabitable and you have sold it at a loss.
-The property is part of your estate and has been left uninhabited for 12 months or more.
If you think you may be eligible for a full or partial stamp duty refund, you should contact the HMRC to discuss your case. Stamp Refunds can help represent you to the HMRC and maximise your chances of getting a refund.
What are the rules for stamp duty refunds for uninhabitable property?
If your property is uninhabitable and you are forced to move out, you may receive a refund of stamp duty. The rules for stamp duty refunds for uninhabitable property are as follows:
1. You must have paid stamp duty on the property when it was first purchased.
2. The property must have become uninhabitable within two years of purchase.
3. You must provide evidence that the property is uninhabitable, such as a report from a qualified surveyor.
4. You must apply for the refund within two years of the date on which the property became uninhabitable.
5. You will only receive a refund of the proportion of stamp duty paid on the part of the property that has become uninhabitable. For example, if half of your property is uninhabitable, you will only receive a 50% refund of stamp duty paid.
How can Stamp Refunds help you?
If your property is uninhabitable, you may be eligible for a stamp duty refund for uninhabitable property. Stamp Refunds can help you navigate the complex rules and regulations surrounding stamp duty refunds, and represent you to the HMRC.
There are a number of reasons why your property may be uninhabitable, including structural issues, mould or damp, or problems with utilities. If you have been forced to move out of your home due to these issues, you may receive a refund of the stamp duty paid on your property.
The rules around stamp duty refunds are complex, and vary depending on the reason for your property being uninhabitable. Stamp Refunds can help you understand the rules and represent you to the HMRC, ensuring that you receive the maximum refund possible.
Stamp Refunds is a specialist firm that has successfully represented many clients in securing refunds from the HMRC. We have a proven track record in securing refunds for our clients, and can help you get the money you deserve.
Why are we the best at what we do when it comes to stamp duty tax refunds?
As a property owner, you are most likely always looking for new ways to save money. When it comes to your tax bill, one of the best ways to accomplish that goal is to claim a refund for uninhabitable property.
At Stamp Refunds, we have many years of experience in helping property owners get the refunds they are entitled to. We have a team of experts who are knowledgeable about the stamp duty refund process and know exactly how to get you the maximum refund possible.
We are also committed to providing outstanding customer service. We understand that dealing with the HMRC can be stressful, so we will take care of everything for you. We will keep you updated throughout the process and make sure that you get your refund as quickly as possible.
If you believe you are due a stamp duty refund for uninhabitable property, look no further than Stamp Refunds for case representation.