25 August 2016
The 2015 Autumn Statement introduced a possibility of reducing the timescale between selling a property and paying the associated Stamp Duty Land Tax (SDLT). That day is ever closer as HMRC have issued a consultation on the proposal to shorten the tax filing and payment window from 30 days to 14 after the effective date of the transaction.
HMRC have commented on the current process for filing a SDLT return, stating that: “Although effective, improvements could be made which would increase efficiency, and reduce the compliance burden and costs for both HMRC and customers.”
The government has said that it welcomes views from businesses, individuals or other interested parties. So, if you would like to have your say before the deadline of 7 October 2016, the consultation can be found here.
If you need any advice on SDLT or any proposed property transactions then please seek advice from your local Kent expert.