Cornerstone Tax

🏡 Cornerstone Tax Wins Landmark Uninhabitable Property Case 🏡   We’re thrilled to announce a major victory for our client in an SDLT case, where we successfully saved them £168,000 in tax.   Our client acquired a property in a severely dilapidated state, with numerous defects rendering it uninhabitable. Despite the clear evidence, HMRC objected to the claim, leading to an appeal. The case was heard and decided in favour of our client at the First Tier Tribunal (FTT) on 13 June 2024.   The property in question was plagued by issues including severe damp, toxic mould, water damage, faulty wiring, and even asbestos in multiple locations. The valuation report confirmed the property was unsuitable for habitation or letting, further proving the validity of the claim.   This case highlights the importance of seeking specialist tax advice when navigating complex SDLT matters, particularly with uninhabitable properties. Claims of this nature are often contested, and as demonstrated, having the right expertise can lead to significant savings.   At Cornerstone Tax, we have a proven track record of recovering overpaid SDLT for our clients, and we continue to assist those navigating complex tax scenarios. If you believe you may have overpaid or are dealing with similar challenges, get in touch for expert guidance.   📩 Contact us: jlangton@ctatax.uk.com 🔗 www.ctatax.uk.com   #SDLT #UninhabitableProperty #TaxAdvisers #PropertyTax #PropertyInvestor #StampDuty #TaxRefund #CornerstoneTax #UKProperty #TaxSavings #PropertyDeveloper

David Hannah, Group Chairman of Cornerstone Tax, comments: “The decision from the government to lower stamp duty bands shows a concerning deficit of joined-up thinking. Does this Chancellor and Prime Minister not understand that if they want 1.5 million new homes, they cannot drive landlords out of the market..." https://lnkd.in/ewYVcg5j

🏡 Cornerstone Tax Triumphs in Landmark SDLT Case 🏡   We are pleased to share a recent success in a Stamp Duty Land Tax (SDLT) case, where Cornerstone Tax successfully secured a £225,250 refund for our client.   After purchasing a property for £3.16m, including 12 acres of woodlands, our client initially paid £372,750 in SDLT, assuming the woods were part of the residential grounds. However, after careful review, we identified that the woodlands were non-residential, which would have qualified the property for a lower SDLT rate.   HMRC, despite not visiting the property, rejected our claim and insisted the woods formed part of the residential grounds. We took the case to the First Tier Tribunal (FTT), where we presented compelling evidence, including witness statements and photographs, demonstrating that the woods were used as public space and had no functional connection to the dwelling.   The FTT agreed, and the SDLT refund was granted, showcasing the importance of thorough, professional tax advice when dealing with complex property transactions.   At Cornerstone Tax, we specialise in SDLT, and have recovered over £15 million in overpaid tax in the past year alone. If you’re facing a similar situation, or just want to ensure you’re not overpaying, get in touch today for expert advice.   📩 Contact us: jlangton@ctatax.uk.com 🔗 www.ctatax.uk.com   #SDLT #TaxAdvisers #CornerstoneTax #PropertyTax #PropertyDeveloper #StampDuty #TaxRefund #UKProperty #PropertyInvestor #Property

Read our latest feature in Homebuilding & Renovating Show Read the article: https://lnkd.in/e6cBYNcY For new business: jlangton@ctatax.uk.com "An increase in stamp duty is set to place significant strain on the British property market, according to property expert David Hannah, Chairman of tax advisers Cornerstone Tax. The new stamp duty thresholds are expected to substantially raise the tax burden, with the average homebuyer facing an increase from £2,768 to £5,268. Hannah argues that the government's actions will worsen the market's challenges, saying: “If the Chancellor and Prime Minister are serious about delivering 1.5 million new homes, they cannot afford to drive landlords out, burden first-time buyers with extra costs, and freeze up capital for developers — all of which impede the sale of homes.” He suggests that these changes will further deter market participants, and builders may halt development until there is a ready market for new properties. Hannah predicts that stamp duty receipts will initially fall sharply, followed by stagnation in the first quarter of 2025, leading to a potentially dire situation for the property market. He concludes that by lowering the stamp duty thresholds, it will ultimately be consumers who bear the brunt of the costs." #stampduty #ukproperty #propertydeveloper #propertyinvestor #propertymarket #sdlt

Read the artice: https://lnkd.in/eNM442Cn We offer pre-transaction stamp duty advice and refunds from HMRC. Contact: jlangton@ctatax.uk.com www.ctatax.uk.com #stampduty #ukproperty #propertydeveloper #propertyinvestor #property

Read our latest feature in Mortgage Introducer: https://lnkd.in/eZ9Kfb3U #stampduty #ukproperty #propertydeveloper #propertyinvestor #propertymarket

Read our feature in MoneyWeek: https://lnkd.in/eNM442Cn We specialise in pre-transaction stamp duty advice and refunds: www.ctatax.uk.com #stampduty #ukproperty #propertydeveloper #propertyinvestor #propertymarket