Stamp Duty Rebate For Homes Sold Within 3 Years

If you have sold, or given away, your main home within 3 years of buying your second home then you may be entitled to a stamp duty rebate. However, you cannot get a stamp duty rebate if you or your spouse still own any other previous home. Want to find out if you can get a stamp duty rebate for a house sold within 3 years?

Contact Stamp Duty Rebate today, and leave your queries to the experts.

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A Brief Overview of Stamp Duty: What It Is & How It Works

When purchasing a house in the UK, homebuyers have to take several costs into consideration. While mortgage advisors, solicitor fees and potential renovation costs are all important costs homebuyers must always account for stamp duty fees. Stamp duty, otherwise formally known as Stamp Duty Land Tax (SDLT) is a tax payable on houses and land purchased in the UK. Specifically, SDLT refers to homebuyers in England and Northern Ireland. While it fundamentally works the same in Scotland and Wales, stamp duty in other parts of the UK has varying rules and rates. 

Stamp duty is often amongst the biggest costs for homebuyers. When a property or piece of land is purchased, whether it be by an individual or company, stamp duty must be filed to HMRC. The amount payable is a percentage of the purchase price. However, rules and exemptions apply. It must, moreover, be paid within 14 days of the completion of the property purchase. Failure to do so can result in a fine.

Who Is Exempt From Paying Stamp Duty?

If you are a UK resident and purchasing a primary residence that is worth £250,000 or less, then you will be exempt from paying any stamp duty (this rule came into effect on the 23rd of September 2022). Properties above this price will be subject to the following standard stamp duty rates (this means you have purchased and will only have ownership of a single property): 

Property Value Stamp Duty Rate
Up to £250,000  0%
£250,001 – £925,000  5%
£925,001 – £1,500,000  10%
£1,500,001 +  12%

 

As per the example on the government website, if you bought a home in October 2022 and it was worth £295,000 then you would owe £2,250 in stamp duty. This is calculated as follows:

  • 0% is payable on the first £250,000 = £0
  • 5% is payable on the final £45,000 = £2,250
  • Total SDLT payable = £2,250 

However, if you are buying your first-time buyer (someone who has never owned a property before) then you can claim a stamp duty discount or ‘relief’. This means no stamp duty is payable on the first £400,000. Following this, you will have to pay 5% on any value from £425,001 to £625,000. After this, the usual stamp duty rates apply. 

It is important to note anyone purchasing a property, or properties, that already own or part-own one will be subject to SDLT’s higher rates. Essentially, such buyers will need to pay a 3% surcharge on top of the usual SDLT rates. 

There are also reliefs for other scenarios, such as: 

  • Multiple dwellings 
  • Right to buy properties 
  • Building companies buying an individual’s home
  • Employers purchasing an employee’s house
  • Compulsory purchases by local authorities
  • Property developers providing amenities to communities 
  • Companies transferring properties to another company 
  • Charities purchasing properties/land for charitable reasons 
  • Registered social landlords 
  • Crown employees 

Likewise, SDLT is not payable if you are left a property in a will, a property is transferred because of a divorce/dissolution of a civil partnership, a freehold property is bought for less than £40,000 or there is a certain amount on a premium lease remaining. There are, nevertheless, other scenarios where an exemption or relief may apply. Because of the many rules that may apply, it is advisable to speak to a team of stamp duty experts. 

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If I Sold My Home Within 3 Years Am I Entitled to a Stamp Duty Rebate?

Buying a second property in the UK is a great way to invest money and create an additional source of income. However, when purchasing a second property in the UK homebuyers are subject to a 3% surcharge on each transaction. 

But, if you have sold your main residence within three years of purchasing your second home you are likely entitled to a refund (or rebate) on the 3% surcharge you originally paid to HMRC. 

Visit our page on Second Homes to find out more about how stamp duty works for second properties.

Have you sold your old property within three years of buying a new one? You may be entitled to a stamp duty refund on the surcharge you originally would’ve paid. This can be done via HMRC either alone or through a solicitor. But, doing this alone can be time-consuming and potentially costly through a solicitor. Instead, by using an expert stamp duty rebate company you’ll be guaranteed a successful outcome.* Contact Stamp Duty Rebate today to start your claim. 

 

*Stamp Duty Rebate operates on a no-win no-fee policy.

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Recent claims

How much can I expect to get back should my claim be valid and approved?

Every case is different. In some cases, we were able to arrange a rebate of up to 60% of the original SDLT paid. Some of the cases that we’ve successfully claimed refunds for:

Steven B Primary Residence
Rebate Received £9,337.00
Purchase price £1,100,000.00
Stamp Duty Paid £53,750.00
Gary H Primary Residence
Rebate Received £26,795.00
Purchase price £1,485,000.00
Stamp Duty Paid £89,750.00
Matt S Buy to Let
Rebate Received £8,817.35
Purchase price £274,000.00
Stamp Duty Paid £11,920.00
Ben G Primary Residence
Rebate Received £17,397.00
Purchase price £1,260,000.00
Stamp Duty Paid £69,750.00
Zev S Buy to Let
Rebate Received £13,044.95
Purchase price £410,000.00
Stamp Duty Paid £22,800.00
Ashkey P Buy to Let
Rebate Received £2,502.33
Purchase price £82,500.00
Stamp Duty Paid £2,475.00
Sophia L Primary Residence
Rebate Received £42,478.00
Purchase price £1,680,000.00
Stamp Duty Paid £115,350.00
Jonathan P Buy to Let
Rebate Received £2,340.51
Purchase price £77,500.00
Stamp Duty Paid £2,325.00
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Why Choose Stamp Duty Rebate?

By partnering with Stamp Duty Rebate, we can help you to complete your stamp duty rebate form and determine your eligibility in order to save you time and administrative hassle. We have over 15 years of experience with a great track record whereby our highly qualified team are experts at what they do. With our surveyors, legal professionals, and tax specialists, you’ll be in safe hands to reclaim your money.

In order to start your rebate process, complete our free online assessment where our team can determine your eligibility before sending it off to HMRC. Then, once your claim has been submitted, it should take between 6-8 weeks for a response. If your claim is successful, you’ll receive the money in your account shortly after. 

Book an assessment with Stamp Duty Rebate today or give us a call.