Are you planning on moving to a new house? Are you ready for the new SDLT changes?

What is changing?

From 1 March 2019 the period for filing and paying Stamp Duty Land Tax (“SDLT”) will be reduced from 30 days to 14 calendar days following the effective date of a real estate transaction.

Who will be affected?

The 14-day deadline has only been implemented for the purchase of real estate in England and Northern Ireland and will only apply to:

  1. All land transactions with an effective date on or after 1 March 2019.
  2. All land transactions with an effective date before 1 March 2019 but which did not become notifiable to HMRC until on or after 1 March 2019.

However …

In both Scotland and Wales, the deadline for filing returns and paying the tax will remain at 30 days.

You will also not be affected if a further SDLT return is required following an earlier filing. This includes SDLT that becomes ascertained where it had been previously been contingent or unascertained.

Consequences of not paying within the 14-day deadline

Failure to meet the 14-day deadline may result in interest and penalties being issued to the taxpayer.

Practical Steps …

So, some practical steps which can be taken to help mitigate the impact of the shortened deadline are:

  1. Notify your conveyancers ASAP! Ideally as soon as you have substantially performed your contract or agreement for lease so the SDLT can be prepared and organised in good time.
  2. Ensure accurate contact details are shared between you and your conveyancer so efficient communication is available for authorisation of the SDLT.
  3. You as the taxpayer can always pay HMRC directly, cutting out your conveyancer.


Blog written by Eleanor Lane


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