£127m of SDLT charges refunded to owner-occupiers

£127 million in Stamp Duty Land Tax has been refunded to those who sold their old home after they’d purchased their new one.

Introduced in April 2016, the Stamp Duty surcharge grew to 3% for anyone buying a second home; this includes owner-occupiers who had to move prior to selling their property.

For those who have paid under these circumstances, the surcharge can be reclaimed provided that their previous home is sold within a three-year period.

At an average sum of £11,869, HMRC has claimed that a total of £127 million was refunded to around 10,700 home owners.

Commenting on the significance of the sum was Lucy Brennan of accountancy firm Saffrey Champness. She mentioned what the amount would mean to those who were forced to pay out, especially during a time as stressful as moving.

During 2016-17, it’s been reported that £8.6 billion has been collected by the Government; £1.7 billion of this was from the SDLT.

Today's Conveyancer