Changes to the Stamp Duty Land Tax filing and payment

Conveyancing

Changes to the Stamp Duty Land Tax filing and payment

A reduction in the time limit to file a Stamp Duty Land Tax return and pay any tax due is set to be changed from the 1st March 2019, this will change the time limit from the current 30 days after completion, to 14 days. This change, will not have any effect on the stamp duty payment, but, is intended to improve the efficiency of the filing system.

Stamp duty Land Tax is the tax payable on land transactions which most commonly include, the purchase of a property, where the value of the transaction is over a certain threshold. Under the current rules, Stamp Duty Land Tax must be paid and a form filed within 30 days of an “effective date” of a transaction. This will typically mean 30 days from the day that the completion has taken place. If this has not happened and the payment due not paid within the 30 day time limit, you will be liable for penalties and interest charged by HM Revenue and Customs.

In 2017 the Government confirmed that the time limit for filing the returns and paying any Stamp Duty Land Tax would be reduced from 30 days to 14 days for transactions with an effective date on or after 1 March 2019.

There are very specific instances when the 30 day time limit to pay and submit a return remains in place and in most transactions, these circumstances will not apply.  You Conveyancer will let you know if there are any special measures or exemptions.

To make Stamp Duty compliance as simple as possible, the property department of Paisleys is on hand to oversee the process of submitting the forms and processing payment of the Stamp Duty Land Tax on your behalf.  We do not make any additional charges for this service.  We also have in place a dedicated computerized diary system and post completion team to ensure that there are no late submissions and therefore no penalties.

If you have a question relating to Stamp Duty Land Tax please do not hesitate to contact us on 01900 602 235

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