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  • Tax

    Stamp duty via limited company

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

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    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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    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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    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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    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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