Nunn Hayward - Abacus December 2003

Abacus December 2003

Stamp Duty Land Tax - The New Rules

Stamp duty land tax (SDLT), which came into force on 1 December 2003, will affect most transactions in land. It modernises the procedures, in readiness for electronic conveyancing that the land registries intend to introduce in the next three to eight years. The changes are also intended to tackle avoidance of duty in large commercial transactions.

Stamp duty, it may surprise many people to learn, was a voluntary tax, although in practice purchasers who did not pay it came up against considerable legal obstacles. SDLT is compulsory and is assessed and paid under self-assessment procedures along similar lines to income, capital gains and corporation taxes.

SDLT replaces stamp duty on most transactions in land, subject to some transitional rules. Stamp duty remains, but with limited scope.

To read the above report in more details go to www.nunn-hayward.com/stampduty

IMPORTANT TAX DATES FOR 2003/2004

2003

30 December: e-filing of self-assessment tax returns

2004

31 January: - time limit for 2002/03 Class 2 NIC rebate claims
31 January: - Self-Assessment 2003 Tax Return filing deadline
01 February: - Ł100 penalty if 2003 Tax Return is not filed
28 February: - Last day to pay 2002/03 tax to avoid automatic 5% surcharge
05 April: - Last day of tax year. Ensure pensions, tax investments made by this date

Please contact us to discuss the above further

Tel: 01753 888211 Fax: 01753 889669 Email: abacus@nunn-hayward.com
Nunn Hayward, Sterling House, 20 Station Road, Gerrards Cross, Bucks SL9 8EL.

Chartered Accountants, Registered Auditors and Insolvency Practitioners. Authorised to conduct Investment Business under the Financial Services and Marketing Act 2000 and regulated by the Financial Services Authority.

This publication has been prepared as a guide only to topics of current financial and business interest. No responsibility for loss occasioned to any person acting or refraining from acting as a result of any material in this publication can be accepted by us. All rights reserved.

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