Stamp Duty further information.

On 1st April 2016 the Government levied stamp duty tax on second homes and buy to let properties that have residential status.

Holiday Homes on Perran View, Tolroy Manor, St. Ives and Kenegie Manor do not have residential status are classed as commercial and only attract stamp duty if the buying price exceeds £150.000.

At the present time the only properties likely to attract duty are the Barns on Kenegie Manor.

Conveyancing Solicitors have been applying the duty on the basis that the second home is residential.

Members who have been charged can claim a refund from HMRC with a time limit of 4 years from the date of purchase.

How to claim

Contact your solicitor and inform them of the above. Direct them to government website for ruling.

www.gov.uk/stamp-duty-land-tax/nonresidential-and-mixed-rates

Refer to section –

Rates for non-residential and mixed land and property

Making the claim – go to:

www.gov.uk/guidance/stamp-duty-reserve-tax-getting-a-refund

Time limit for claiming a refund

You can get a refund of overpaid SDRT as long as you claim a repayment within 4 years of whichever is the later of the date when:

• SDRT became due
• the SDRT was actually paid

Your sollicitor will need to claim on your behalf as they will have paid the stamp duty via HMRC Crest system.

To prove that the property does not have residential status owners may have to provide proof using your lease agreement and or councol tax.

For owners who purchased in 2016 (5 years ago) you may still be able to claim on the basis of COVID interuption.