More Tax Changes Are Coming Soon, This Time It’s Stamp Duty…
If you have been following the property news recently and keeping up to date with our own Hannells news blogs you will already know a bit about property and land tax in England and the upcoming changes that may affect thousands of people across the country. However this seemingly minor amendment to Stamp Duty Land Tax seems to have gone unnoticed…
From the 1st March 2019 house buyers will have just 14 days to pay their Stamp Duty Land Tax bill.
Currently, the timescale in England is 30 days from the ‘effective date’ of transaction (usually completion) but this reduces to 14 days as of the 1st of March and failure to meet the deadline could result in an automatic £100 fine.
Stamp Duty is payable on most freehold and leasehold property purchases but it is also payable on the grant, surrender or variation of a lease, so this change could affect tenants as well as purchasers.
Most property buyers and tenants rely on their solicitor or accountants to prepare SDLT (Stamp Duty Land Tax) returns and arrange payments on their behalf, however it is important to remember that SDLT is a self-assessed tax meaning it is the individuals responsibility to make sure the information on the return is correct and that any amount owing is paid before the deadline.
Most solicitors will pay the SDLT on or shortly after completion but with the new deadline it is very important that you as an individual make sure that this is the case.
It is always best to make sure you instruct the best solicitors to handle any transactions and it really can save you time, money and a whole lot of hassle! Here at Hannells we work with professional, reliable and experienced solicitors to make sure our clients get the best moving experience possible.
To find out more contact your local Hannells branch or click HERE and get in touch!
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