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HMRC considers changes to SDLT filing and payment process

12 Aug 2016

HM Revenue & Customs (HMRC) has launched an eight-week consultation on plans to make changes to the stamp duty land tax (SDLT) filing and payment process.

During the 2015 Autumn Statement, the Government announced its intention to reduce the filing and payment window for SDLT from 30 days to 14 days following the purchase of a new property.

This announcement accompanied the Government’s decision to charge higher rates of SDLT on purchases of additional residential properties, such as buy-to-lets and second homes. These higher SDLT rates came into effect on 1 April 2016.

The Government also intends to revolutionise the filing and payment process by introducing compulsory online filing and electronic payments for agents, as well as extending the online filing service to those who choose not to use an agent. Currently, individuals who do not wish to use an agent are required to file on paper.

HMRC aims to introduce these changes during the 2017/18 tax year, but, as they require digital system alterations, implementation during 2017/18 ‘may not be possible’.