Time for filing SDLT returns and paying SDLT to be halved

From 1 March 2019 onwards, the deadline to submit SDLT returns and pay any SDLT due is reduced from 30 days to 14 days.

The new 14 day time period runs from the “effective date” of a property transaction. Generally, the "effective date" is the date of completion. Failure to meet the 14 day deadline will result in penalties and interest being charged.

It is worth noting that the 14 day period includes non working days. This therefore significantly shortens the time available, especially over Bank Holiday periods.

HMRC’s aim is to improve the efficiency of the SDLT system. It will remain to be seen whether this change achieves that desired result.

Please note that this information is provided for general knowledge only and specific advice should be sought for individual cases.

For further information, please contact Philip Mundy.