C2C3C4C5C6C7Part 4Stamp duty land tax
Pt. 4 modified (coming into force at 2 p.m. on 6.12.2006) by The Stamp Duty Land Tax (Variation of the Finance Act 2003) Regulations 2006 (S.I. 2006/3237), regs. 1, 2, Sch.
Pt. 4 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 194(8)-(12)
Pt. 4 applied (17.7.2014) by Finance Act 2014 (c. 26), ss. 223(8)(9)(d)
Pt. 4 modified (temp.) (22.7.2020) by Stamp Duty Land Tax (Temporary Relief) Act 2020 (c. 15), s. 1 (as amended (10.6.2021) by 2021 c. 26, s. 87(2))
Pt. 4 modified (temp.) (10.6.2021) by 2020 c. 15, s. 1A (as inserted by Finance Act 2021 (c. 26), s. 87(3))
Returns and other administrative matters
C180I1Adjustment where contingency ceases or consideration is ascertained
1
Where section 51 (contingent, uncertain or unascertained consideration) applies in relation to a transaction and—
a
in the case of contingent consideration, the contingency occurs or it becomes clear that it will not occur, or
b
in the case of uncertain or unascertained consideration, an amount relevant to the calculation of the consideration, or any instalment of consideration, becomes ascertained,
the following provisions have effect to require or permit reconsideration of how this Part applies to the transaction (and to any transaction in relation to which it is a linked transaction).
F62
If the effect of the new information is that a transaction becomes notifiable, the purchaser must make a return to HMRC within 14 days.
2A
If the effect of the new information is that—
a
tax is payable in respect of a transaction where none was payable before and subsection (2) does not apply, or
b
additional tax is payable in respect of a transaction,
the purchaser must make a further return to HMRC within 30 days.
2B
For the purposes of subsections (2) and (2A), any tax or additional tax payable is calculated according to the effective date of the transaction.
2C
If a purchaser is required to make a return under subsection (2) or a further return under subsection (2A)—
a
that return must contain a self-assessment of the tax chargeable in respect of the transaction on the basis of the information contained in the return, and
b
the tax or additional tax payable must be paid not later than the filing date for that return.
3
The provisions of Schedule 10 (returns, enquiries, assessments and other matters) apply to a return under this section as they apply to a F2return under section 76 (general requirement to make land transaction return), subject to the adaptation that references to the effective date of the transaction shall be read as references to the date of the event as a result of which the return is required.
4
If the effect of the new information is that less tax is payable in respect of a transaction F5(calculated according to its effective date) than has already been paid,
F3a
the purchaser may, within the period allowed for amendment of the land transaction return, amend the return accordingly;
b
after the end of that period he may (if the land transaction return is not so amended) make a claim to the Inland Revenue for repayment of the amount overpaid.
F44A
Where the transaction (“the relevant transaction”) is the grant or assignment of a lease, no claim may be made under subsection (4)—
a
in respect of the repayment (in whole or part) of any loan or deposit that is treated by paragraph 18A of Schedule 17A as being consideration given for the relevant transaction, or
b
in respect of the refund of any of the consideration given for the relevant transaction, in a case where the refund—
i
is made under arrangements that were made in connection with the relevant transaction, and
ii
is contingent on the determination or assignment of the lease or on the grant of a chargeable interest out of the lease.
F15
This section does not apply so far as the consideration consists of rent (see paragraph 8 of Schedule 17A).
Pt. 4 construed as one with S.I. 2006/575, reg. 43 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 43(4)