These are the main causes of SDLT penalties. If you can avoid them then
you will dramatically reduce the chances of incurring the £100 penalty:
- incorrect effective date: the ‘effective date’ will normally be the
completion date, but do not forget that if a contract is ‘substantially
performed’ before completion then the date of that ‘substantial
performance’ is the effective date;
- wrong use of SDLT 60: if you want to use SDLT 60 to self-certify a
transaction to the LR (and so not submit an SDLT 1) then check the list
on the reverse side of SDLT 60 (which sets out precisely when SDLT 60
can be used);
- right to buy: you do not need to wait for the documentation to be returned
from the LA before submitting SDLT 1 (HMRC does not want to see that
documentation).
Plus, of course, there is the basic error of forgetting to diary the 30-day
period! Finally, if you have a query on an SDLT 8 requisition then that can
probably be dealt with by phone on 0845 603 0135. See SDLT Practitioners
News, issue 12.
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October 2006 |
