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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6815
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I need advise on stamp duty and if I can claim it back.

This answer was rated:

I need advise on stamp duty and if I can claim it back.
Assistant: Have you talked to a tax professional about this?
Customer: No
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: no

Hello and welcome to JustAnswer. I am here to help you. Please explain your situation and I will respond to you shortly.
Many thanks

Customer: replied 1 year ago.
I am medically retired from work at 38 from stage 4 breast cancer when my critical illness paid out I bought a few properties for my sons future.
I bought one in 2017 for £92.5k and paid 3% stamp duty at the time. I’m now selling it as change of circumstances I don’t want that property any more but would like to know can I claim stamp duty back. I’ve made a loss overall in this property

Thank you for your reply.

Unfortunately,you cannot claim back stamp duty on a transaction that has already taken place.

Stamp duty cost and other costs associated with buying and selling the property are allowable costs in deteriming overall gain/loss on sale of property. If you have made a loss you should still register it on your tax return to enable you to offset this loss against future gains.

I am sorry if this is not the answer you were expecting.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 1 year ago.
Thank you

Thank you for your reply.

If there are no more issues, I will appreciate if you would kindly rate my service positively/accept the service I have provided to ensure I get credited for it by Just Answer. and other Tax Specialists are ready to help you

I thank you for accepting my answer.

Best wishes to you.