HMRC break silence over UK households being owed £27,000

HMRC has responded to stamp duty fears amid reports households could be owed an eye-watering £27k. Tax expert group Cornerstone is reporting that taxpayers are overpaying on the levy by a shocking average of £27,000 and HMRC is taking longer than the six-week period to handle refund claims.

Cornerstone has successfully reclaimed more than £30million back in overpaid stamp duty relief over the last three years, it says. David Hannah, group chairman of Cornerstone Tax, recommends that those affected by this issue reach out for support to get their hard-earned cash back.

He explained: “By conducting a thorough analysis, seeking professional advice, and understanding the applicable regulations, you can minimize the risk of overpaying SDLT. However, if an overpayment does occur, initiating a review promptly allows you to rectify the situation, gather evidence, and pursue appropriate actions to claim a refund or make adjustments as required.”

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A HMRC spokesperson said: “Many of the Stamp Duty Land Tax (SDLT) claims we receive from repayment agents are wrong and some will make incorrect claims just so they can charge a fee. If someone promises easy money and it sounds too good to be true, it probably is.

“Where a claim is wrong, the purchaser is liable to pay back all the tax that was refunded, with interest and could also have to pay a penalty of up to 100 per cent of the tax refund.” You can apply for a repayment of the higher rates of SDLT for additional properties if you’ve sold what was previously your main home if you’re either the main buyer of the property which was charged at the higher SDLT rate or agent acting for them, the governemnt says.

You’ll need your details and the main buyer’s details if they’re different to your own, as well as the details of the property that attracted the higher rates of SDLT, including the effective date of purchase and the SDLT unique transaction reference number and details of the previous main residence you’ve sold, including the effective date of sale, the address of the property and the name of the buyer.

You’ll also need the amount of tax paid on the property that attracted the higher rates of SDLT, the amount of tax you’re asking for a repayment of and the bank account and sort code details of the person to receive the payment, where possible HMRC will pay any refund electronically.