- A SDLT return is triggered no later than 14-days from the date of completion. Late payment will incur a penalty.
- In the Autumn Statement 2015, the Government stated that the time allowed for the filing of a return and the payment of the tax due would be reduced from 30-days of the effective date to 14-days of the effective day.
- This is actual calendar days rather than working days.
- In the Spring Budget 2017 the government confirmed that the changes to the timings would be effective from 1 March 2019.
- If we act for you on a property transaction, our Final Report to you will set out the SDLT liability, if any, for you to confirm and approve.
We will prepare the SDLT Return on your behalf and provide you with a link to HMRC’s guidance notes. We will obtain your signature to it, prior to exchange, and obtain funds from you to pay the tax liability, prior to completion.
On completion we will submit the SDLT return the make the tax payment.
|
Property or lease premium or transfer value |
SDLT rate |
|---|---|
| Up to £125,000 |
Zero |
|
The next £125,000 (the portion from £125,001 to £250,000) |
2% |
|
The next £675,000 (the portion from £250,001 to £925,000) |
5% |
|
The next £575,000 (the portion from £925,001 to £1.5 million) |
10% |
|
The remaining amount (the portion above £1.5 million) |
12% |
Please do note this important change in relation to the Stamp Duty Land Tax filing time-scale. If you have any queries - please contact us and we will do our best to assist you.