HMRC is consulting until 7 October 2016 on proposals to reduce the window for filing and payment of SDLT from 30 days to 14 days after the effective date of the transaction, beginning in 2018, together with other changes to the filing and payment process.
The consultation proposes:
HMRC is consulting until 7 October 2016 on proposals to reduce the window for filing and payment of SDLT from 30 days to 14 days after the effective date of the transaction, beginning in 2018, together with other changes to the filing and payment process.
The consultation proposes:
· mandatory online filing of SDLT returns and payments of SDLT for agents (subject to the same safeguards as are contained in the VAT online filing regime for remote locations and those with religious beliefs that prevent them from using online filing);
· enabling automatic payment of the SDLT due by allowing direct debit details to be included in the online SDLT return;
· issuing the SDLT5 (which has to be submitted to the land registry in order to complete the land transfer) only after both the return and the payment have been made (currently it is issued after the return is made regardless of whether payment has also been made);
· enabling online filing for non-agents, i.e. purchasers submitting their own returns; and
· other digital enhancements to the system, such as issuing the transaction reference number earlier, HMRC sharing data directly with the Land Registry and the Valuation Office, online amendments to the return for 12 months after submission, and building an address look-up into the form.
These changes would also be implemented during 2017/18, but may be delayed depending on the complexity of the outcome of the consultation.
HMRC is consulting until 7 October 2016 on proposals to reduce the window for filing and payment of SDLT from 30 days to 14 days after the effective date of the transaction, beginning in 2018, together with other changes to the filing and payment process.
The consultation proposes:
HMRC is consulting until 7 October 2016 on proposals to reduce the window for filing and payment of SDLT from 30 days to 14 days after the effective date of the transaction, beginning in 2018, together with other changes to the filing and payment process.
The consultation proposes:
· mandatory online filing of SDLT returns and payments of SDLT for agents (subject to the same safeguards as are contained in the VAT online filing regime for remote locations and those with religious beliefs that prevent them from using online filing);
· enabling automatic payment of the SDLT due by allowing direct debit details to be included in the online SDLT return;
· issuing the SDLT5 (which has to be submitted to the land registry in order to complete the land transfer) only after both the return and the payment have been made (currently it is issued after the return is made regardless of whether payment has also been made);
· enabling online filing for non-agents, i.e. purchasers submitting their own returns; and
· other digital enhancements to the system, such as issuing the transaction reference number earlier, HMRC sharing data directly with the Land Registry and the Valuation Office, online amendments to the return for 12 months after submission, and building an address look-up into the form.
These changes would also be implemented during 2017/18, but may be delayed depending on the complexity of the outcome of the consultation.
