SDLT

Question 1

When do you round?

Answer 1

Stamp duty (paper) round up to nearest £5

If paperless (SDRT) don’t round

Question 2

Threshold for stamp duty tax?

Answer 2

If consideration is less than £1000

No minimum for digital

Question 3

SDRT basics

Answer 3

Don’t round and no minimum

Question 4

Stamp duty (paper admin)

Answer 4

Either 10% of duty etc OBT

Round DOWN to nearest £5
NOT charged if less than £25

Question 5

SDLT on leases

Answer 5

One on premium payment

One on total rent payment

Different rates

Question 6

Stamp duty land tax
ADMIN

Answer 6

If no SDLT due to either gift/group etc

Still have to file within 14days

Question 7

Stamp duty group exemptions

Answer 7

If plans to leave group exist

Or

Transfer isn’t for business purposes

Question 8

Responsibility of a debt is transferred with an asset

Answer 8

Value of debt is treated as consideration.

E.g. if spouse transfers include a mortgage of £300K

Then the consideration will be the £300k