Part 4

Stamp duty land tax

Returns and other administrative matters

Adjustment where contingency ceases or consideration is ascertained
80
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).
2
If the effect of the new information is that a transaction becomes notifiable or chargeable, or that additional tax is payable in respect of a transaction or that tax is payable where none was payable before—
a
the purchaser must make a return to the Inland Revenue within 30 days,
b
the 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,
c
the tax so chargeable is to be calculated by reference to the rates in force at the effective date of the transaction, and
d
the return must be accompanied by payment of the tax or additional tax payable.
3
The provisions of Schedule 10 (returns, enquiries, assessments and other matters) apply to a return under this section as they apply to a land transaction return.
4
If the effect of the new information is that less tax is payable in respect of a transaction than has already been paid, the amount overpaid shall on a claim by the purchaser be repaid together with interest as from the date of payment.