Stamp Duty Land Tax

Addresses such questions as: How does a taxpayer claim a relief or exemption? When can the Revenue enquire into a transaction, and under what circumstances can they re-open a transaction after 21 years? What are the many penalties and sanctions for not filing a correct return on time or not producing the correct self-assessment? And more.

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Stamp Duty Land Tax replaced stamp duty in 2003. Many transactions, not previously subject to stamp duty, are now chargeable under a complex regime, supported by a whole range of penalties including criminal sanctions involving imprisonment and/or heavy fines for errors in completing the required returns and breaches of the requirements for record keeping. All property and tax professionals need to know the answers to the following questions: How does a taxpayer claim a relief or exemption? When can the Revenue enquire into a transaction, and under what circumstances can they re-open a transaction after 21 years? What are the many penalties and sanctions for not filing a correct return on time or not producing the correct self-assessment? Are there any differences between residential and commercial conveyancing in relation to stamp duty? What has happened to subsale relief and resting on contract? What is the new regime for tax on rents, and why does it increase the tax on seven-year leases by a factor of 5?