The deadline for paying the Stamp Duty Land Taxes (SDLT) and submitting the land transaction return is changing, so don’t be caught out. The time limit will be reduced to 14 days for transactions on and after 1st March 2019.
As the time frame will halve, it becomes even more important to ensure that before the transaction takes place, the information required to complete the return is easily accessible and complete in order to be able to file on time.
HMRC have made this change as it believes this will improve the efficiency of the SDLT system given that the majority of the returns are already filed within 14 days of the deadline. Nonetheless this could lead to returns and payments being made up against the deadline, so you need to be ready.
If you have any further questions, please do not hesitate to contact Seth Biseem of the Elman Wall Tax Team on 020 7600 5667.