An estate agency is claiming that buyers are still confused by the stamp duty surcharge on additional homes.
Jackson-Stops states that despite it being over two years since the surcharge came into effect, the most common reason for buyers making an overpayment on stamp duty is down to a misunderstanding of the fee.
The agency details an example of its own, where it prevented a buyer from paying a further £18,000 on £600,000 property as the surcharge did not apply.
Commenting on the application the surcharge, a spokesperson from Jackson-Stop stated: “…it should not apply when replacing your “principal place of residence” and, if you move before selling your previous home, you have three years to claim the 3% surcharge back, when you do.”
Other potential causes of confusion, according to the agency, include mixed-use properties, buy-to-let properties and multiple dwellings, which can all result in issues where stamp duty is concerned.
