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Amended copy: Land Registry welcomes stamp duty land tax changes
- Amended Copy -
Land Registry has welcomed changes to Stamp Duty Land Tax announced in last month's Budget, saying the new rules will help to reduce the amount of paperwork for conveyancers.
The changes, introduced by HM Revenue and Customs on 12 March,
abolish the SDLT60 self certificate and simplify the notification
threshold.
Land Registry project manager Martin Gardner said:
"Conveyancers and Land Registry staff will feel the benefit
of these changes almost immediately."
The new rules mean that:
* The current threshold for
notification of non-leasehold transactions has been raised from a
chargeable consideration of £1000 to £40,000
* Transactions
involving leases for a term of seven years or more will only have
to be notified where any chargeable consideration other than rent
is £40,000 or more, and where the annual rent is £1000 or
more
* It is no longer necessary to complete either a SDLT
return (SDLT1) or certificate that no SDLT is due (SDLT60) if the
transaction is below the notifiable threshold
* The special
rules that apply for SDLT on lease premium, where rent exceeds
£600 annually have changed. They now apply where the annual rent
is £1000 or more and where the lease is for non-residential
property only. They no longer apply to residential property,
benefiting many shared ownership purchasers who do not wish to
make a market value election.
A SDLT5, including submission receipts (electronic SDLT5) and third-party vendor certificates, is required for all other transactions. Any outstanding applications awaiting a SDLT60 will be processed regardless of when the transaction was completed, subject to other outstanding requisitions.
For more information visit SDLT Practice page.
Notes to editors
1. With the world's largest property database of over 21 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
2. As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Justice and Lord Chancellor, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.
3. Further details of the SDLT Budget changes can be found at http://www.hmrc.gov.uk/
4. For more information about Land Registry, please visit http://www.landregistry.gov.uk
Land Registry
Head Office
Lincoln's Inn
Fields
London WC2A 3PH
