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STAMP DUTY LAND TAX You may be aware that the new Stamp Duty Land Tax came into force on Monday 1st December 2003. This puts the responsibility of paying stamp duty on to the purchasers. This includes the purchaser preparing, signing and submitting a Land Transaction Return which is similar to a Tax Return. The following points are important:- 1. The Stamp Duty payable for purely residential property has not changed, only the method by which you pay it. 2. Although we can submit the Land Transaction Return on your behalf, the legal obligation is on you to do so within 30 days of the completion date. 3. You will be responsible for any penalties for late submission; these are hefty. 4. Any delay in submitting the form will result in a delay in receipt of a Land Transaction Return Certificate and without this, registration of the title cannot take place. 5. You are responsible for the Tax (formally referred to as Stamp Duty) and this is a joint and several debt if more than one purchaser. 6. We will complete the form on your behalf and charge a nominal fee of £50 plus VAT. 7. The new tax will be policed by a system of "process now, check later". You can still be the subject of an enquiry up to nine months following completion, even if a certificate has been issued. 8. There will be a legal obligation for retention of relevant documents for up to 6 years. When the matter has completed, we can either send them to you, or store them on your behalf for a small fee.
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