PLEASE NOTE: Information in this article is correct at the time of publication, please contact DFA Law for current advice on older articles.
SDLT – Lest We Forget
Tenants who undertook leases after 1 December 2003, which was when Stamp Duty Land Tax (SDLT) came into effect, are reminded that it may be necessary for them to submit a new SDLT return and the result may be additional SDLT to pay or a refund of SDLT.
Returns will be necessary when the lease has been subject to a rent review within the first five years and/or contained a contingency which makes the rent uncertain – as is the case in leases with an element of turnover rent.
If your lease contains such a clause, the original SDLT return will have been an estimated return based on the expected rent. Where that rent has now become certain, a revised return will be required.