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First-time buyer's can get post-Budget stamp duty refunds

HMRC has confirmed that first-time buyers will be able to reclaim stamp duty costs that have been inadvertently paid on house purchases made since the Budget.

There had been concerns that those buying on the day of the Budget, or shortly after, may not have realised that the Chancellor had scrapped this charge for the majority of first-time buyers. As a result some may have completed the stamp duty return and paid this tax in error.

After an inquiry made to The Daily Telegraph, from a first-time buyer in this situation, HMRC has confirmed that mechanisms are now in place for taxpayers to amend their return and claim a refund.

This will only apply to property sales that were completed on or after Budget day: 22 November 2017.

On this day the Philip Hammond announced that stamp duty would be abolished in its entirety for first-time buyers on property worth up to £300,000. Those FTBs buying homes up to £500,000 now benefit from a reduction in stamp duty.

Those needing to claim a refund will find the relevant information on the gov.uk website, under the section on stamp duty changes under the heading Stamp Duty Land Tax.

They should then follow the guidance under the link “If you need to amend your return” and send in a written request to HMRC to process the refund.

 

ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

 

>> Stamp duty relief for first-time buyers

>> Landlords: no news is good news

>> Stamp Duty Calculator 

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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