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Stamp Duty Land Tax (SDLT)
For previous versions of documents, please visit the archive section.
Following the introduction of Stamp Duty Land Tax on 1 December 2003, The Property Standardisation Group felt that property professionals may find it helpful if common procedures and style documentation dealing with SDLT were prepared, particularly in respect of leasing and security transactions, where there is currently some uncertainty both as to procedure and styles.
- Leasing Transactions - Given the penalties and criminal sanctions which attach to the late or incorrect submission of a Stamp Duty Land Tax form, the general approach which The Property Standardisation Group has adopted is that a tenant has a greater interest than a landlord in ensuring that the appropriate form is timeously submitted and the Stamp Duty Land Tax (if any) paid. Once the Land Transaction Return has been issued by the Inland Revenue, it is up to a landlord and a tenant to decide who should be responsible for registering the Lease although, because an Extract confers on a landlord the benefits of summary diligence, the Landlord may wish to retain this responsibility.
- Security Transactions - Although there is no reason why a borrower should not be treated in the same way as a tenant in the submission of the SDLT form, from experience to date it appears unlikely that lenders will agree to this approach being adopted. As a result, the lender is likely to insist on the borrower delivering at drawdown of the loan a completed (and signed) SDLT form and (if any SDLT is payable) funds for SDLT. Undertakings will also need to be exchanged between the lender's and the borrower's solicitors regarding submission of the SDLT forms and dealing with any queries raised by the Inland Revenue.
As a result a Guidance Note, style contract wording for an Offer to Lease
and style Undertakings for security transactions have been created.
