Property owners should be aware that from 1 March 2019 the time limit to make a Stamp Duty Land Tax (SDLT) return and pay the tax due is reduced from 30 days to 14 days.
This was published by the UK Government today in a draft statutory instrument (Stamp Duty Land Tax (Administration) (Amendment) Regulations 2018). The statutory instrument will take effect on 1 March 2019, which is a month earlier than the usual start of a new tax year and something to be mindful of.
The draft statutory instrument also reduces the number of questions on the SDLT return, which, in HMRC’s view, should help make compliance with the new time limit easier.
HMRC is also looking for feedback on a proposed schedule of tenancies which would replace the two schedules of tenancies currently in the Stamp Duty Land Tax Manual.
The comment period on the draft legislation closes on 23 November 2018. Further details could be found here.
If any of the new announcements affect you or your business and you would like to discuss it further with one of our specialists, you can contact AVEY of London on:
Tel: 01707 691 783
Email: info@aveyoflondon.co.uk
This guidance is designed to alert to an important issue of general application. It is not intended to be a definitive statement covering all aspects of the related legislation. It is only a brief summary and no action should be taken without consulting the detailed legislation or seeking professional advice. No responsibility for any person acting or referring to act as a result of any material contained in this guidance can be accepted by AVEY of London.