SDLT Timescales and Payment Process

By October 27, 2016January 29th, 2021For Business

Law Society responds to HRMC consultation on stamp duty land tax: changes to the filing and payment process

11 October 2016

We have suggested that if online filing and electronic payments are mandated, HMRC should:allow exceptions for complex transactions, where online filing is not reasonably practicalallow an appropriate transition time to allow users to become familiar with the new system before they are obliged to use itMake allowances by extending time limits for communications between solicitors and HMRC to clarify filings on complex or unusual transactions.HMRC should use this opportunity to make the SDLT return simpler. By only collecting information that is directly relevant to the SDLT, the process would be streamlined, easier for users, and easier to implement successfully.For a more detailed view of the Society’s response to this consultation, please read our full response below.

HM Revenue & Customs (HMRC) is seeking to implement further radical changes to the way stamp duty land tax (SDLT) is paid and processed by them in the future.The Law Society has published their response to HMRC’s proposed changes, after undertaking a consultation with its members, including firms and practitioners.  There is no doubt that the reduced SDLT filing and payment window (from 30 to 14 days) will initially be burdensome to many law firms and will inevitably lead to extra penalty payments being implemented by the Revenue. If you ignored the consultation and did not recommend the status quo you will no doubt be suffering the consequences shortly.

Bethanie Bailey

Author Bethanie Bailey

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