New stamp duty processes during lock-down
New processes apply for stamping documents and paying stamp duty during the current lock-down. Instead of sending physical documents to the Stamp Office, electronic copies must be sent instead. Cheques sent to the Stamp Office will not be processed and payment must instead be made electronically by Faster Payment, BACS or CHAPS. Details can be found on the Stamp Office’s Completing a Stock Transfer Form page, and on their Paying Stamp Duty page.
Some points to note:
The measures will only apply during he current lock-down and are expected to be disapplied when it ends.
Electronic signatures on stock transfer forms will be accepted during the lock-down.
Hard copy documents which have been sent to the Stamp Office will not be returned before the end of the lockdown. If you have already posted your instruments you should resubmit your notification electronically and include the details of any payments you have made in respect of that notification.
HMRC apparently won’t levy penalties on company registrars who go ahead and register changes in title, or on taxpayers who wait until after the end of the lock-down to send in hard copy documents for stamping.
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Linda Adelson is Rosetta Tax’s resident VAT expert, who has specialised in all aspects of VAT and indirect tax for over 25 years. One of just a handful of VAT solicitors in the UK, Linda is ranked by the Legal 500 as a Leading Individual for the depth of expertise in her field.
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