Stamp Duty

Question 1

How much is stamp duty?

Answer 1

0.5% * Consideration

Rounded up to the nearest £5

• No stamp duty is the consideration is < £1,000

Question 2

When should stamp duty and the relevant administration (stock transfer form) be completed by?

Answer 2

30 days

Question 3

How much is the stamp duty reserve tax?

Answer 3

0.5% * consideration

NO ROUNDING THO

Question 4

When is Stamp duty reserve tax due to be paid?

Answer 4

14 days after the trade via CREST

Question 5

When does stamp duty land tax need to be paid?

Answer 5

14 days

Along with a land transaction form

Question 6

Is Stamp duty land tax (SDLT) payable on leases?

Answer 6

Yes

Question 7

Is Stamp duty land tax (SDLT) payable on Rent?

Answer 7

Yes - Payable on the NET PRESENT VALUE of rents payable over the term of the lease when granted

Assume NPV = total for exam

Question 8

What is the penalty for submitting SDLT up to three months late?

Answer 8

£100

Question 9

What is the penalty for submitting SDLT more than three months late?

Answer 9

£200

Question 10

What is the penalty for submitting SDLT over a year late?

Answer 10

Tax geared penalty