SDLT are you ready for the changes from 1 March 2019?
With effect from 1 March 2019 you will have half the time to submit the Stamp Duty Land Tax (“SDLT”) return and make the necessary payments.
At present we have 30 days from the effective date of a reportable property transaction (normally completion) to submit the SDLT return and make the necessary payment.
This is to change.
This deadline is reducing to 14 days cutting the filing and payment window in half!
For some, especially in the context of ‘normal conveyancing’ this will not be a problem. However, with the introduction of the surcharge SDLT rates and other changes that have come into existence, over the last few years, a large number of returns will require specific claims for reliefs. Previously this wouldn’t have been relevant.
What is clear from these changes is that whilst, in theory, the moving up of the deadline won’t have an impact on you, advice will need to be sought in advance of a transaction taking place to ensure that you have enough information available to readily available in order to complete the return within this tightened window.
With SDLT becoming more and more complex it is important you consider whether any reliefs are available to you – to help reduce the tax burden.
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