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 affects 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.
Changing and shortening the time limit is designed to improve the efficiency of the Stamp Duty Land Tax system, although in reality the majority of returns are 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.
First-time buyers are eligible for SDLT relief, which removes any stamp duty on the first £300,000 of the property being purchased and 5% on any amount between £300,000 and £500,000.
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.