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.
SDLT - Do You Need to Do a New Return?
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
