Stamp Duty Land Tax
The "stamp duty land tax" (SDLT) was a new tax in land transactions that was introduced by the Finance Act 2003. It largely replaced stamp duty with effect from 1 December 2003. SDLT is not a stamp duty, but a form of self-assessed transfer tax charged on "land transactions".
For typical transactions in land, such as the buying and selling of a residential house, there is little change from stamp duty, except that a tax return is required to be made to the HM Revenue & Customs (previously Inland Revenue) and documents no longer need to be given a physical stamp. Like any other self-assessed tax, but unlike stamp duty, HM Revenue & Customs is able to enquire into an SDLT return and raise assessments to recover unpaid SDLT.
Whether or not tax is payable, HM Revenue and Customs require a return to be received by them within four weeks of the transaction completing failing which they have power to levy a fine on the tax payer – the fine is not for failure to pay the tax but for failure to make the return. When a return is accepted by HMRC they provide a certificate without which it is impossible to register a change in the land ownership.
Read more about this topic: Stamp Duty In The United Kingdom
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