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Stamp duty penalties revised
A new regime of real-time information (RTI) fines has taken full effect, after rules came into force this week. The Social Security (Contributions) (Amendment No. 4) Regulations 2014 (SI 2014/2397) cover the penalty provisions for employers who report National Insurance under RTI.
The regulations amend the 2001 equivalent, and confirm 6 October 2014 as the date from which late-filing sanctions under FA 2009, Sch 55 will apply to large employers – those with at least 50 members of staff – while 6 March 2014 as been set as the date from which the same penalties to small employers.
The Revenue has also announced revised stamp duty fines, which will be levied documents are not stamped within 30 days of being executed when duty is due on a share or land transaction:
| Delay | Penalty |
| Up to 12 months | 10% of duty, capped at £300 |
| 12-24 months | 20% of duty |
| More than 24 months | 30% of duty |
The rate may be higher for delays of 12 months or more if there is evidence of deliberate failure to submit documents for stamping. There is a right of appeal against the sanctions.
