Advisor Cornerstone Tax says it has returned £30m of reclaimed stamp duty fees to clients over the past three years, by avoiding or rectifying overpayments.  

The firm adds that 61% of homeowners have never considered the possibility of errors in the stamp duty they have paid, according to a commissioned poll.  

The top rate of stamp duty tax stands at 12% of the cost of a main residence property and 17% for foreign purchasers buying a second home in England or Northern Ireland.

But the firm outlines three “commonly overlooked stamp duty reliefs” that result in overpayments of the levy.  

It says buyers can claim relief when they buy more than one dwelling if a transaction, or a number of linked transactions, includes freehold or leasehold interests in more than one property.    

The firm adds that for abandoned or uninhabitable properties, buyers may be eligible to pay a lower rate of the duty or qualify for a tax refund.  

It also points out that many homeowners nearing retirement sell their homes as part of Self-Investment Personal Pension schemes, which allows them to invest the profits into their pension funds and pay stamp duty before the funds are deposited. But administration errors here can lead homeowners to receive less than the 100% stamp duty discount they are due.  

The tax firm says: “By conducting a thorough analysis, seeking professional advice, and understanding the applicable regulations, you can minimize the risk of overpaying stamp duty.  

“However, if an overpayment does occur, initiating a review promptly allows you to rectify the situation, gather evidence, and pursue appropriate actions to claim a refund or make adjustments as required.”