FB 2018-19: SDLT payment window shortened to 14 days

From 1 March 2019 the time limit that individuals have to file a Stamp Duty Land Tax (SDLT) return and pay any tax due has been shortened from 30 days to 14 days

According to HMRC shortening the time limit will improve efficiency and will not affect many individuals as the majority of returns are already filed within 14 days. The individuals who will be most affected will be those who file their return without using an adviser, this is expected to be fewer than 500.

The shortened time limit will affect approximately 20,000 businesses, including small and micro businesses who are mainly licenced conveyancers and solicitors, as these businesses act for individuals and companies in filing SDLT returns and make payments on their behalf.

Improvements will also be made to the SDLT return and these will be in place when the new time limit begins.

HMRC will incur costs of approximately £600,000 in making changes to IT systems to implement this measure.

The reduced time limit is expected to cost the Exchequer £105m in 2017-18 but will then bring in £100m in 2018-19 with negligible impact for the years following.

Policy paper: Changes to the Stamp Duty Land Tax filing and payment time limits is available here. 

Report by Amy Austin

Amy Austin |Reporter, Accountancy Daily [2016-2019]

Amy Austin was reporter, Accountancy Daily and Accountancy magazine, published by ...

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