SDLT Payment Times Reduced
Purchasers of land in England and Northern Ireland, and conveyancers and other agents who submit Stamp Duty Land Tax (SDLT) returns and make payments on behalf of purchasers are reminded that the time limit to file a Stamp Duty Land Tax (SDLT) return and pay the tax due will reduce from 30 days to 14 days from 1 March 2019.
The government confirmed the change in its Autumn Budget 2017 which will be implemented in the Finance Act 2019 which includes the primary legislative amendments to Finance Act 2003.
This means that it is ever more vital the all firms ensure that they deal with all of the issues surrounding SDLT at as early a stage as possible in the transaction and that they have procedures in place to ensure that the payment is made as soon after completion as possible. It increases pressure on firms not to exchange contracts without knowing that the SDLT in relation to a purchase property has been thought about by the purchaser and that funds exist for it to be discharged.