Stamp Duty Land Tax - submission deadline reduction now in force

New payment timings now apply to Stamp Duty Land Tax (“SDLT”) payments with an effective transaction date of 1 March 2019. SDLT is the tax which is payable to HMRC on the purchase or leasehold transfers of property if they are valued over a certain threshold.

Previously, until 28 February 2019, the filing and payment deadline for SDLT was 30 days after the 'effective date' of the transaction (i.e. completion of the transaction). However, the new rules, applying to transactions with an effective date on or after 1 March 2019, the deadline for filing land transaction returns and paying SDLT reduces from 30 days to 14 days. This is not retrospective and will only apply to transactions going forward. It should be noted that is to be paid within 14 days and not 14 working days.

This reduction in payment deadlines was announced by the government in July 2018 in order to keep matters moving swiftly and transactions can be registered more expediently at the Land Registry.  HMRC suggested that 85% of SDLT forms are currently filed within 14 days of the relevant transaction so the reduction should have limited impact.

This is of course particularly relevant to property law fee earners, but anyone buying property should remember that whilst it is usual to instruct a solicitor or legal conveyancer to act on your behalf, it is ultimately your responsibility to file your SDLT return and pay any tax owed within the relevant time period.

Posted on 6 March, 2019 by Ortolan

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