To ask the Chancellor of the Exchequer what estimate he has made of the cost to business of implementing the stamp duty land tax regulations; and if he will make a statement.
Businesses will notice little change in complying with the Stamp Duty Land Tax regulations as liability to Stamp Duty Land Tax should be reported and duty paid, as now, within 30 days of completion. The key change of Stamp Duty Land Tax will be that liability is notified by the completion of a Land Transaction Return. This removes the need to send documents to the Inland Revenue for the purposes of stamping. In addition, the regulations provide for the abolition of stamp duty on transactions involving property other than land, shares and interests in partnerships. This de-regulation will take many transactions out of stamp duty altogether.