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    • Tax

    Stamp duty via limited company

    Replies 5 Views 909 Activity 10 months ago Users 5
    Go to first unread post
    youngjoe80 23 Nov 2017 at 22:05

    I've bought my first house through my recently set up company on 3.10.17. My solicitor did not request the money for the stamp duty like she has done on my previous purchases as a private individual. How should this tax be paid and by when? Has this been an oversight on behalf of my solicitor?

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    Jim Fletch 23 Nov 2017 at 22:12

    Yes it's been an oversight, you need to pay it before completion when putting your solicitor in funds.

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    Nigel Reynolds 24 Nov 2017 at 09:52

    The only point where SDLT would not be payable is if the property cost less than £40k, otherwise as Jim points out SDLT would be payable on the purchase and it is payable within 30 days of completion.

    Regards Nigel

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    Nigel Reynolds FCCA CMgr FCMI

    Property Tax Specialist

    Reynolds and Co

    http://www.reynoldsandco.co.uk

    Adam Hosker 24 Nov 2017 at 10:42

    When you buy a property or land, you must fill in a Land Transaction Return (SDLT1) and send it to HMRC. Your conveyancer/solicitor will normally complete the return for you as part of handling the transaction.

    Once the tax has been paid a ‘Land Transaction Return Certificate’ (SDLT5) is issued. You must send an SDLT return to HMRC and pay the tax within 30 days of completion.

    The amount of SDLT you pay is a percentage of the property value.

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    youngjoe80 24 Nov 2017 at 17:20

    Thanks for the replies. Looks like my solicitor should have done it. What is likely to happen now the money is overdue?

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    tribal78 27 Nov 2017 at 11:53

    I am exactly in the same situation! I completed on a property in Maythis year (bought via my LTD company) and my solicitor didnt charge any stamp duty!

    What action I need to take now please?

    Thanks in advance

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