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Remember that SDLT returns can be printed before the ‘effective date is
known’ and signed by purchasers (who are then confirming all the other
data). If the purchaser authorises the agent to do so, then the agent can
sign the final copy and confirm the effective date. Needless to say, it is
important to ensure that the purchaser is available to sign the return
(and his or her absence will not justify late filing).
Although the
purchaser’s agent cannot normally sign, it is possible to attain a power
of attorney to do so (in which case the agent must make it clear that he
is signing as attorney within box 71 – although the deed of attorney does
not need to be submitted with SDLT1).
In general terms it is important not to leave it until near the end of the
30-day period to send the return back. If the return is posted towards the
end of that period and no allowances made for postal delays, then there
is a much higher risk of receiving a penalty notice. If SDLT60s are sent
direct to the LR, then also make sure that is done in good time; if HMLR
reject the form for any reason then you will need time to resubmit (and
the 30-day period will still apply).
Obviously HMRC must be notified of all transactions (unless selfcertification,
SDLT60, applies). In any event, do not assume that
because there is no tax to pay that there will be no penalty. Anyone who
fails to deliver the return by the filing date will have to pay a flat rate
penalty of £100 (£200 if more than three months late).
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January 2007 |
