UK and International Tax news
Draft Legislation To Reduce The Time Limit To File An SDLT Return And Pay Tax
Thursday 7th February 2019
The Stamp Duty Land Tax (Administration)(Amendment) Regulations 2018 are due to amend provisions in the SDLT Regulations 2003 relating to the time limit for making an SDLT return and paying the SDLT due with effect from 1 March 2019.
SDLT was introduced by FA 2003, replacing Stamp Duty for most land transactions from 1 December 2003. SDLT was devolved to Scotland as a result of amendments made by the Scotland Act 2012, and devolved to Wales as a result of amendments made by the Wales Act 2014. Consequently, SDLT now only applies in England and Northern Ireland.
Provisions in FA 2003 are being amended to reduce the time limits for making a SDLT return and paying the tax from 30 days to 14 days, with effect from 1 March 2019. Draft legislation to make these changes was published on 6 July 2018 and the intention is to include these draft provisions in Finance Bill 2018-19.
The SDLT Administration Regulations also cover the process of making an SDLT return and paying the tax following an application for deferment. A purchaser can apply to defer SDLT when the purchase price of the land is uncertain or depends on the occurrence of a future contingency, for example, obtaining planning permission. The Regulations provide that where the uncertainty ceases or the contingency occurs, and an SDLT return has not already been made, the return must be made and tax paid within 14 days.
The Regulations also clarify and reduce the number of questions in both the paper and online return.
If you would like further information on the above, please contact Keith Rushen on 0207 486 2378.Contact Us