When Do I Have to Submit My SDLT Return?
On 1st March 2019 the time limit for submitting the SDLT (stamp duty land tax) payment from qualifying transactions will be reduced from 30 days to 14 days. There will also be some improvements made to the SDLT return which will be implemented at the same time.
This change has been in the pipeline for a few years and has already been pushed back once but will now come into effect.
According to HMRC, the people who will be affected are “Purchasers of land in England and Northern Ireland, and conveyancers and other agents who submit Stamp Duty Land Tax (SDLT) returns and make payments on behalf of purchasers”.
In the 2015 Autumn Statement, the government announced that the time limit for filing a SDLT return and paying any tax due would be reduced from 30 days to 14 days during 2017 to 2018. However, in the Spring Budget in 2017 it was announced that the changes would be delayed to give HMRC time to address the issues raised in the consultation that had taken place. The Autumn Budget in 2017 announced that the changes would be implemented with effect from 1 March 2019.
As most SDLT payments are already made within the 14 day time limit this change should not affect too many people but people should be aware of the change so that they do not fall foul of the new times limits.
If the SDLT return is not submitted in time then it will be subject to a fine and/or interest on the payment. It is usually the solicitor that submits the form and the payment but the duty is on the purchaser to ensure it is done.