Important news about Stamp Duty and Lease Extensions

David Williams, Joint Head of the residential property team outlines the additional stamp duty requirements if the premium exceeds £40,000.to pay exceeds £40,000.00.

If you are agreeing a Lease Extension for your property you need to be aware of the additional requirements set down by the Land Registry if the premium that you will have

If this is the case then you will need to complete a Stamp Duty Land Tax Return and submit this to the Inland Revenue even if there is no duty to pay.

Remember that if you fail to do so within 30 days of completion taking place then the Inland Revenue (when they are informed of the transaction) will charge a penalty for late filing of £100.00.

The Land Registry are currently taking several months to process Lease Extension Applications so by the time you receive a request for a Stamp Duty certificate it is likely that the 30 day window has passed.