On 1 March 2019 the time limit placed on purchasers to file a Stamp Duty Land Tax (SDLT) return was reduced from 30 to 14 days.
This primarily affected solicitors and licenced conveyancers who usually complete the SDLT return for their clients, however, an estimated 500 individuals per year do choose to file their own return without using an agent.
Shortening the time limit was designed to improve the efficiency of the Stamp Duty Land Tax system, although in reality the majority of returns were already filed within 14 days of the transaction.
SDLT is one of the major costs to factor in when buying a property. The amount paid depends on how much you are paying for your property and whether or not it is your only property.
The gov.uk site has an SDLT calculator that you can use to work out the amount of stamp duty that would be due on the property you are buying.
If you need any advice about purchasing a property, don’t hesitate to contact me at firstname.lastname@example.org or call 01782 205000.