22 Mar

mortgage

HMRC halves deadline for payment of Stamp Duty Land Tax

Home buyers in England and Northern Ireland now have just 14 days in which to pay the outstanding Stamp Duty Land Tax they owe on a property purchase.

HMRC has more than halved the available time to pay the tax, which is levied on all property purchases over a certain amount.

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Aim for greater efficiency

Generally a conveyancing solicitor will complete the necessary forms and file them online with HMRC, paying the duty as part of the conveyancing service offered to buyers.

According to HMRC, most returns are filed within 14 days of a transaction completing.

It has reduced the deadline for payment from 30 days to 14 in England and Wales to make collecting the duty more efficient.

The return form has also been changed for easier compliance, and the tax authorities are carrying out a consultation with stakeholders on mandatory online filing of the return with electronic payments.

Deadline applies only in England and NI

The new 14-day deadline only applies in England and Northern Ireland because Scotland and Wales now have their own stamp duty regimes.

First-time buyers are exempt from paying stamp duty on purchases up to £300,000, but they must still file a return within the deadline even when no tax is due.

The change was first mooted in 2015 but has only been introduced this year after several issues, specifically around complex transactions dealing with leases, were dealt with.

Conveyancing solicitor will fill in form online

All conveyancing solicitors who work with Homeward Legal can ensure your stamp duty return forms are submitted and the duty paid within the deadline.

Talk to our team now on 0800 038 6699 to get a no-obligation quote for the conveyancing services you need. You can also get an instant conveyancing quote online whether you are buying, selling or remortgaging.