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Revenue news - 26 Sep

25 September 2005
Categories: News , Land & property
SDLT changes; HMRC final dates

SDLT changes

Changes have been made to the completion of forms SDLT8 returns as follows:

  • where practitioners are authorised by their clients to handle correspondence on their behalf, the client's signature will not be required on the form SDLT8;
  • forms SDLT8 will only be sent to a solicitor, not to the client as well, where the solicitor is acting as agent.

The Law Society, which campaigned for these changes, is pleased that HMRC have 'shown a willingness to work' with the Society.
In addition, HMRC have launched Internet e-filing for returns SDLT1, 2, 3 and 4 for most common transactions, with the facility to save partially completed forms. Other benefits include:

  • built in guidance regarding the completion of the necessary forms and questions, based on the information provided;
  • validation of data on entry and submission;
  • provision of a unique transaction reference number (UTRN) and digital receipt for each return successfully filed;
  • automatic calculation of any tax due based on the information provided.

The previous 'print and post' online service provided by HMRC, whereby forms could be completed on screen, then printed off and posted will remain available to existing users until 30 September 2005, followed by a 30-day run down period to allow users to complete 'in progress' returns. The service will close on 30 October 2005, although this does not affect commercial software providers.
HMRC SDLT Practitioners' Newsletter, Issue 9, September 2005

Final dates

Although not a statutory date for the submission of tax returns, 30 September is the latest date by which HMRC will guarantee to calculate the 2004-05 tax in time for the 31 January 2006 payment. HMRC will do a tax calculation for returns submitted later, but not necessarily in time for 31 January. It is also the latest date that HMRC will guarantee to collect a 2004-05 underpayment of less than £2,000 through the taxpayer's PAYE code. Tax returns submitted electronically have until 30 December 2005.
30 September is a statutory deadline for working tax credit and child tax credit, however.
Claimants on nil awards and who receive the full family element of child tax credit are sent the annual review. If the details on that are correct, they need do nothing and their claims will be renewed automatically. If their circumstances or income have changed, they must tell HMRC.
Other claimants who receive the annual declaration, which asks for information about income and circumstances to finalise the 2004-05 tax credit award, must return it by 30 September 2005. If final details cannot be provided, estimated figures can be given to meet the 30 September deadline, but final figures must be supplied by 31 January 2006.


Categories: News , Land & property
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