Currently, 1 in 4 Stamp Duty Land Tax returns are miscalculated for property developers and individuals. This is mainly due to HMRC’s online ‘guide’ calculator not being detailed enough to assess individual or company circumstances.
Stamp Duty.
As well as helping our clients build successful below market portfolios and buy some of the best performing products on the market, we also aim to save them as much upfront costs as possible.
Currently, 1 in 4 Stamp Duty Land Tax returns are miscalculated for property developers and individuals. This is mainly due to HMRC’s online ‘guide’ calculator not being detailed enough to assess individual or company circumstances.
Currently, there are more than 30 reliefs and exemptions available in this self-assessment tax that solicitors are advised not to qualify.
Bond IPS and its partner company work with specialist tax advisors to ensure you are paying the right level of stamp duty.
The process is simple and can be actioned on behalf of the client -
• Initial Client Appraisal • Contract
• Additional Info • Full Forensic • HMRC
Free legal and indemnity against any come back from HMRC is also included.
As a result, we offer three services to our clients:
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We can review upcoming property transactions to identify the correct rate of SDLT that needs to be paid to the revenue. We will supply both you and your solicitor with a detailed advice letter to ensure you do not overpay your SDLT liability.
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We can review historical transactions completed within the past 12 months (sometimes up to 4 years). We would forensically analyse your transaction and contact HMRC on your behalf the revenue requesting.
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We work with residential developers at design/planning stage to incorporate qualifying criteria to potentially reduce incoming buyers SDLT liability, adding value to their overall offering.
As a Developer.
When you are about to purchase a property, there are some key features to look out for, such as:
● Are you purchasing land with the benefit of planning permission to develop and construct residential housing or units?
● Are you purchasing an office building with permitted development rights for conversion for residential housing or units?
● Are you purchasing Commercial property with residential units or mixed-use land?
As an Individual.
When you are about to purchase a property, there are some key features to look out for, such as:
● Is the land over half a hectare?
● Are there commercial or non-residential buildings on the land, like stables or workshops?
● Are there any annexes, flats or cottages on the grounds?
● Are there any rights over or interest in land that does not benefit the dwelling, for example, commons rights to pass through nearby parkland?
● Is there any element in the acquisition that indicates residential use?
