Due to recent consultation, the government have announced that all Stamp Duty Land Tax (SDLT) returns in England and Northern Ireland will need to be filed and paid within 14 days and not 30 days. The new time limit will apply to transactions with an effective date on or after 1 March 2019.
By shortening the time limit, this does not change any liabilities for the purchase but it will improve the efficiency of the SDLT system.
It is clear that the impact of the shorter time limit will create admin burdens for conveyancers and other agents. On-going costs may include amending systems and/or processes to ensure returns are filed and payments are made within the 14-day deadline. However, HMRC have stated that many businesses already file and pay within 14 days.
If you are buying or selling a property and wish to have an initial chat, then please contact Harpreet Kaila on 0207 449 3132.