I’ve heard that there were changes to Stamp Duty Land Tax at the beginning of March – how will this affect me?
On 1st March 2019 the rules regarding the amount of time you have to submit and pay Stamp Duty Land Tax (SDLT) was reduced to 14 days rather than 30 days which you had before.
If SDLT is not submitted and paid within 14 days of completion (this is known as the filing date), HMRC will charge penalties for late payment on top of the duty owed. This is a fixed penalty and the amount will depend on how late the SDLT return is filed.
Currently, the penalties that will be payable are:-
- £100 if your return is up to 3 months late
- £200 if your return is more than 3 months late
- If later than 12 months, as well as the fixed penalty, you will also have to pay a tax-based penalty which can be up to the full amount of the tax due on the return.
In reality this should not effect you as an individual as we submit the SDLT on your behalf on the day of completion. To enable us to do so, this means that we prepare and send you the necessary SDLT forms in advance of completion so that we can submit the return well within the time limit.
However, whilst we send the SDLT forms to you in advance, please make sure that these are returned in plenty of time before completion.