Stamp Duty Land Tax

Blog | Thu, 22 Feb 2024

What is Stamp Duty Land Tax?

SDLT came into force in December 2003 and is a tax on land transactions. This tax is mandatory, and the Buyer is expressly liable to pay it. Although the tax is payable in most cases, not all transactions are notifiable. SDLT is a tax only payable in England with a similar tax due on Welsh land transactions called Land Transaction Tax (LTT).

When do we submit a Stamp Duty Land Tax Return?

A buyer of land in England is required to submit a land transaction return for every notifiable transaction normally within 14 days of the effective date (completion date) of the transaction. Although most transactions are notifiable transactions, some are not. Usually, a non-notifiable transaction is when the interest being purchased is less than £40,000.

Penalties are payable if the return is filed late or if the payment is late:

£100 if you file your return up to 3 months after the filing date
£200 if you file your return more than 3 months after the filing date

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