STAMP DUTY - LATE SUBMISSION AND PAYMENT

Until recently, the Stamp Duty Office always seemed to accept documents for stamping without question (e.g. Stock Transfer Forms). They have now started to implement late stamping fees.

If the document is under 12 months late, the maximum penalty is the lower of:-

•the amount of Stamp Duty.

•£300.

If the document is more than 12 months late, the maximum penalty is the higher of:-

•the amount of Stamp Duty that's due.

•£300.

You'll have to pay the penalty as well as the Stamp Duty.

In most cases, HMRC won't charge the maximum penalty. In straightforward cases, they use the tables of reduced charges. The level of penalty depends on the amount of Stamp Duty due and how late the documents are.

More information on this at http://www.hmrc.gov.uk/sd/pay-penalties/penalties.htm