FIRST TIME BUYERS STAMP REFUNDS

December 5, 2017 by in category Mortgage News with 0 and 0

FIRST TIME BUYERS For stamp duty costs that have been inadvertently paid on house purchases made since the Budget, HMRC has confirmed that first time buyers will be able reclaim this cost

For the vast majority of first time buyers there had been concerns that those buying on the day of the Budget, or shortly afterwards, may not have realiZed that the Chancellor had scrapped this charge.

And consequently, some may have completed the stamp duty return and paid this tax bill.

HMRC has confirmed that mechanisms are now in place for taxpayers to amend their return and claim a refund.

But they were swift to point out that this will only apply to property sales that were completed on or after Budget day: 22 November.

Those buying homes up to £500,000 will benefit from a reduction in stamp duty. But on this day Philip Hammond announced that stamp duty would be abolished completely for first time buyers on property worth up to £300,000.

Under the section on stamp duty changes, those who need to claim a refund will find the relevant information on the gov.uk website,

They will need send in a written request to HMRC to process the refund , by following the guidance under the link “If you need to amend your return” .

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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