Stamp Duty Land Tax Compliance
ATTENTION EMPLOYERS WITH UK ASSIGNEES: STAMP DUTY LAND TAX MUST BE PAID BY TENANT ON TIME TO AVOID PENALTIES
A global employer approached Saunders 1865 recently because one of their VIP tenants in the UK was approaching the trigger point (£125,000 in aggregate rent payable) because of a lease renewal.
They didn’t realize that the tax must be paid when the renewal is agreed, not when £125,000 in rent has been paid. We explained the law and acted immediately to calculate and pay the correct amount of tax on their behalf so that penalties were avoided.
It is clear that many global employers are not on top of this tax liability that is payable on their VIP Assignees’ UK rental homes. You can check if you’re compliant by opting for Saunders 1865’s free audit of your UK leases.
The SDLT program has been a lifesaver for us in many ways! We are so thankful for Saunders 1865’s expertise in this subject matter to ensure our companies compliance in all aspects at all times. INVALUABLE!
Andi Smeltzer, Des Moines, USA