Stamp duty land tax - When to file a return

Stamp Duty Land Tax (SDLT) – when to file a return

A Stamp Duty Land Tax (SDLT) return should be filed whenever you purchase a Capital Asset, such as a new house, land or business assets such as shares in a trading company and the value is greater than £40,000. The amount of tax may be very little or even nil, but the return should still be filed.

A Capital Asset is something that you purchase to keep, and is expected to be worth more when you sell it than when you purchased it.

The calculated amount of tax is due 14 days after completion of the purchase (it used to be 30 days) and the current rates of tax are shown by the HMRC here https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

You can use the HMRC SDLT calculator here:- Calculate SDLT

What other times does Stamp Duty Land Tax (SDLT) need to be filed?

It may also be due when one person takes over anothers’ debt on an asset, such as the transfer of a mortgage from a husband to a wife. The only exception to this is when the transfer is part of a divorce settlement. Please check with your solicitor when considering a mortgage transfer.

Please contact us if you have any questions regarding when the SDLT is due on a transaction.