The Stamp Duty Land Tax (Land Transaction Returns) Regulations 2004

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend Schedule 10 to the Finance Act 2003 (c. 14) which deals with land transaction returns for stamp duty land tax. Stamp duty land tax is charged under Part 4 of the Finance Act 2003 on land transactions. Under section 76 of that Act a purchaser must deliver to the Inland Revenue a land transaction return in respect of a notifiable land transaction. Schedule 10 to the Act makes provision for land transaction returns.

Regulation 1 provides for the citation, commencement and effect of these Regulations.

Regulation 2 introduces the amendments to Schedule 10.

Regulation 3 amends Part 1 of Schedule 10. Paragraph 1 to that Schedule makes provision as to the contents of the return and sub-paragraph (1)(c) of that paragraph provides that a land transaction return must include a declaration by the purchaser (or each of them) that the return is to the best of his knowledge correct and complete. A new paragraph 1A is inserted providing for the requirement in paragraph 1(1)(c) to be met in an alternative way; provided the purchaser (or each of them) declares that with the exception of the effective date, the information provided in the return is to the best of his knowledge correct and complete, it will be sufficient that the return contains a declaration by the authorised agent of the purchaser (or each of them) that the effective date provided in the return is to the best of his knowledge correct. The purchaser’s declaration is not required to be made in the return. This alternative method of meeting the requirement in paragraph 1(1)(c) is permitted only where the return used is in a form specified by the Board of Inland Revenue for this purpose.

Secondly, regulation 3 inserts a new paragraph 1B, which deals with the making of land transaction returns by the Official Solicitor to the Supreme Court in England and Wales and the Official Solicitor to the Supreme Court in Northern Ireland, and also amends paragraph 6 to impose additional requirements to produce evidence where the effect of an amendment to a return would be to entitle the purchaser to a repayment of tax.

Regulation 4 amends Part 3 of Schedule 10 by making provision for enquiries in relation to an earlier land transaction return where an enquiry has been raised in respect of a further return required under section 80, 81 or 81A, and it appears to the Inland Revenue necessary to enquire into the earlier return. The amendment permits the giving of a notice in respect of the earlier return notwithstanding that the period referred to in paragraph 12(2) has elapsed.

Regulation 5 amends Part 7 of Schedule 10 by providing for an appeal against a Revenue determination under paragraph 25.

These Regulations do not impose new costs on business.