SDLT - Lest We Forget

Tenants who undertook leases after 1 December 2003, which was when Stamp Duty Land Tax (SDLT) came into effect, are reminded that it may be necessary for them to submit a new SDLT return and the result may be additional SDLT to pay or a refund of SDLT.

Returns will be necessary when the lease has been subject to a rent review within the first five years and/or contained a contingency which makes the rent uncertain - as is the case in leases with an element of turnover rent.

If your lease contains such a clause, the original SDLT return will have been an estimated return based on the expected rent. Where that rent has now become certain, a revised return will be required.

Partner Note
For further information, see HMRC's guidance at http://www.hmrc.gov.uk/so/legislation.htm.

Telephone: +44 (0) 1753 486 777 (Slough Office)
Telephone: +44 (0) 1189 596031 (Reading Office)