TAX UPDATE: Stamp Duty Tax filing deadline

The time to file a Stamp Duty Land Tax return to HMRC is changing. In our summary, Hannah Roynon-Jones explains the new deadline applied to filing an SDLT return and the current rates.

The measure reduces the time limit that purchasers have to file a SDLT (Stamp Duty Land Tax) return AND pay the tax due from 30 days to 14 days.

The new time limit will apply to transactions with an effective date on or after 1 March 2019.

SDLT rates are currently as follows:

ResidentialRate3% additional rate(all companies & additional properties for individuals)
Value up to £125,0000%3%
£125,001 to £250,0002%5%
£250,001 to £925,0005%8%
£925,001 to £1,500,00010%13%
Over £1,500,00012%15%

There is a 15% flat rate for companies purchasing residential properties over £500,000.

Relief is available from this rate and must be claimed on the return, reliefs are available for property rental businesses and property developers and traders. The additional 3%-tiered rate (above) will still apply.

Value up to £150,0000%
£150,001 to £250,0002%
Over £250,0005%

To discuss this matter in any more detail with us, please contact: