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UK Act of Parliament
2003
United Kingdom
Finance Act 2003, Part 4 (Stamp Duty Land Tax)
At a glance
Enforced by
What's here
18 compliance obligations, 4 practical guides across 3 topics · 2 journeys
Penalty landscape
3 of 18 obligations carry an unlimited fine. 3 carry different penalties and 12 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 11
- Trader 3
- Director or Officer 1
Plus 3 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Fix a customs declaration error or HMRC enquiry
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Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Direct — cites this Act
3 guidesSupporting — topic alignment
1 guidesOther Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 749 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 110 duties
- Licensing Act 2003 2003 105 duties
- Merchant Shipping Act 1995 1995 97 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 86 duties
Traders also bound by 219 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 952 duties
- TULRCA 1992 1992 39 duties
- Companies Act 2006 2006 39 duties
- Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 2013 39 duties
- The Customs (Import Duty) (EU Exit) Regulations 2018 2018 33 duties
Directors and Officers also bound by 224 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 75 duties
- Companies Act 2006 2006 63 duties
- Insolvency Act 1986 1986 46 duties
- CCBSA 2014 2014 22 duties
- CAICEA 2004 2004 18 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — Excise duties
Browse 16 other sections in this Part — procedural / definitional / commencement
Rates of tobacco products duty
Rate of duty on beer
Rates of duty on wine and made-wine
Rates of hydrocarbon oil duties
Rebates on hydrocarbon oil duties
General betting duty and pool betting duty: relief for losses
General betting duty: betting exchanges
General betting duty: restriction of exemption for on-course bets
Bingo duty
Amusement machines not operated by coins or tokens
Amusement machines: use of currencies other than sterling
Responsibility for unlicensed amusement machines
Rates of gaming duty
Vehicle excise duty: rates
Disclosure for exemptions: Northern Ireland
Duty at higher rate: exception for tractive units
Part 2 — Value added tax
Browse 7 other sections in this Part — procedural / definitional / commencement
Requirement of evidence or security
Joint and several liability for unpaid VAT of another trader
Face-value vouchers
Supplies arising from prior grant of fee simple
Business gifts
Non-business use of business property
Supply of electronic services in member States: special accounting scheme
Part 3 — Taxes and duties on importation and exportation: penalties
Penalty for evasion
Unlimited fine- Dishonest evasion of Stamp Duty Land Tax Any Person
Review by HMRC
- Notify HMRC of acceptance of a review offer within 30 days Trader
Other duties (1) — Crown / regulator
- HMRC must review a tax decision upon request Statutory regulator
Nature of review etc
Other duties (1) — Crown / regulator
- HMRC must conduct Stamp Duty Land Tax reviews and notify you of the outcome Statutory regulator
Browse 21 other sections in this Part — procedural / definitional / commencement
Introductory
Penalty for contravention of relevant rule
Exceptions from section 26
Liability of directors etc where body corporate liable to penalty for evasion
Reduction of penalty under section 25 or 26
Demands for penalties
Time limits for demands for penalties
No prosecution after demand notice for penalty under section 26
Right to appeal against certain decisions
Offer of review
Extensions of time
Review out of time
Bringing of appeals
Time limit and right to further review
Powers of Commissioners on a review
Appeals to a tribunal
Appeal tribunals
Admissibility of certain statements and documents
Service of notices
Penalties not to be deducted for income tax or corporation tax purposes
Regulations and orders
Part 4 — Stamp duty land tax
Duty to deliver land transaction return
- Submit a Land Transaction Return to HMRC Any Person
- Submit land transaction return to HMRC Trader
Payment of tax
- Pay SDLT by the filing deadline Trader
- Pay Stamp Duty Land Tax (SDLT) by the required deadline Any Person
Interest on penalties
- Pay interest on overdue Stamp Duty Land Tax penalties Any Person
Offence of fraudulent evasion of tax
14 years imprisonment- Knowingly facilitate fraudulent tax evasion Any Person
General provisions about penalties
Unlimited fine- Liability for Stamp Duty Land Tax (SDLT) penalties Any Person
Unit trust schemes
Amended 4 timesJoint purchasers
Amended 6 times- Manage Stamp Duty Land Tax (SDLT) obligations for joint property purchases Any Person
- Submit single SDLT return for joint land purchase Any Person
Partnerships
Amended 1 timePersons acting in a representative capacity etc
Amended 2 timesCrown application
Amended 8 timesLinked transactions
Amended 5 timesGeneral power to vary this Part by regulations
Amended 6 timesApproval of regulations under general power
Amended 3 timesClaim for repayment if regulations under general power not approved
Amended 1 timePower to amend certain provisions before implementation
Amended 1 timeFunctions conferred on “the Inland Revenue”
Amended 2 timesOrders and regulations made by the Treasury or the Inland Revenue
Amended 3 timesGeneral and Special Commissioners, appeals and other proceedings
Amended 1 timeMeaning of “residential property”
Amended 1 timeMeaning of “major interest” in land
Amended 2 timesMeaning of “market value”
Amended 3 timesMeaning of “ effective date ” of a transaction
Amended 7 timesFurther provisions relating to leases
Amended 3 timesMinor definitions
Amended 10 timesIndex of defined expressions
Amended 26 timesBrowse 92 other sections in this Part — procedural / definitional / commencement
The tax
Land transactions
Contract and conveyance
Contract providing for conveyance to third party
Transactions entered into before completion of contract
Contract providing for conveyance to third party: effect of transfer of rights
Options and rights of pre-emption
Exchanges
Chargeable interests
Interests, transactions and consideration where land in England and Wales
Chargeable transactions
Chargeable consideration
Contingent, uncertain or unascertained consideration
Annuities etc: chargeable consideration limited to twelve years' payments
Deemed market value where transaction involves connected company
Exceptions from deemed market value rule
Amount of tax chargeable: general
Amount of tax chargeable: higher rate for certain transactions
Amount of tax chargeable: rent
Disadvantaged areas relief
Sale and leaseback arrangements
First-time buyers
First-time buyers
Relief for certain acquisitions of residential property
Relief for new zero-carbon homes
Relief for new zero-carbon homes: supplemental
Transfers involving multiple dwellings
Compulsory purchase facilitating development
Compliance with planning obligations
Relief for special tax sites
Group relief and reconstruction or acquisition relief
Demutualisation of insurance company
Demutualisation of building society
Initial transfer of assets to trustees of unit trust scheme
Incorporation of limited liability partnership
Seeding relief
Transfers involving public bodies
Resolution of financial institutions
Transfer in consequence of reorganisation of parliamentary constituencies
Acquisitions by certain health service bodies
Charities relief
Acquisition by bodies established for national purposes
Right to buy transactions, shared ownership leases etc
Certain acquisitions by registered providers of social housing etc
Alternative property finance: land sold to financial institution and leased to person
Alternative property finance in Scotland: land sold to financial institution and leased to person
Alternative property finance in Scotland: land sold to financial institution and person in common
Alternative property finance: land sold to financial institution and re-sold to person
Sections 71A to 73: relationship with Schedule 7
Section 71A : arrangements to transfer control of financial institution
Exempt interests
Meaning of “financial institution”
Alternative finance investment bonds
Sections 71A to 73: first-time buyers
Exercise of collective rights by tenants of flats
Crofting community right to buy
Anti-avoidance
Anti-avoidance: incidental transactions
Anti-avoidance: supplemental
Increased rates for non-resident transactions
Notifiable transactions
Exceptions for certain acquisitions of major interests in land
Returns, enquiries, assessments and related matters
Disclosure of information contained in land transaction returns
Registration of land transactions etc
Adjustment where contingency ceases or consideration is ascertained
Further return where relief withdrawn
Return or further return in consequence of later linked transaction
Declaration by person authorised to act on behalf of individual
Alternative finance arrangements: return where relief withdrawn
Loss or destruction of, or damage to, return etc
Claims not included in returns
Formal requirements as to assessments, penalty determinations etc
Delivery and service of documents
Liability for tax
Interest on unpaid tax
Interest on unpaid tax: cases involving Reserved Investor Fund (Contractual Schemes)
Interest on repayment of tax overpaid etc
Application to defer payment in case of contingent or uncertain consideration
Collection and recovery of tax etc
Payment by cheque
Information powers
Power to inspect premises
Penalty for assisting in preparation of incorrect return etc
Power to allow further time and reasonable excuse for failure
Admissibility of evidence not affected by offer of settlement etc
Companies
Open-ended investment companies
Co-ownership ... contractual schemes
Trustees
Consequential amendments
Commencement and transitional provisions
Part 5 — Stamp duty
Abolition of stamp duty except on instruments relating to stock or marketable securities
Amended 10 timesCircumstances in which relief for company acquisitions withdrawn
Amended 1 timeExemption of certain leases granted by registered social landlords
Amended 2 timesRelief for certain leases granted before section 128 has effect
Amended 2 timesRegistered social landlords: treatment of certain leases granted between 1st January 1990 and 27 March 2000
Amended 2 timesBrowse 1 other section in this Part — procedural / definitional / commencement
Part 6 — Income tax and corporation tax: charge and rate bands
Charge and rates for 2003-04
Amended 1 timeIndexed rate bands for 2003-04: PAYE deductions etc
Amended 1 timeSmall companies' rate and fraction for financial year 2003
Amended 1 timeBrowse 2 other sections in this Part — procedural / definitional / commencement
Part 7 — Income tax, corporation tax and capital gains tax: general
Taxable benefits: lower threshold for cars with a CO 2 emissions figure
Amended 1 timeCorporation tax relief for employee share acquisitions
Amended 1 timeRestriction of deductions for employee benefit contributions
Amended 1 timePayroll giving: extension of 10% supplement to 5th April 2004
Amended 1 timeSub-contractor deductions etc: interest on late payment or repayment
Amended 1 timeMeaning of “ permanent establishment ”
Amended 7 timesNon-resident companies: basis of charge to corporation tax
Amended 1 timeNon-resident companies: assessment, collection and recovery of corporation tax
Amended 4 timesNon-resident companies: extent of charge to income tax
Amended 4 timesNon-resident companies: transactions carried out through broker, investment manager or Lloyd’s agent
Amended 5 timesGeneral replacement of references to branch or agency of company
Amended 16 timesDouble taxation relief: profits attributable to overseas permanent establishment
Amended 1 timeOverseas life insurance companies
Amended 2 timesTaper relief: assets qualifying as business assets
Amended 1 timeTransfers of value: attribution of gains to beneficiaries
Amended 1 timeExtension of first-year allowances for ICT expenditure by small enterprises
Amended 1 timeExpenditure on software for sub-licensing
Amended 1 timeRelief for research and development
Amended 1 timePolicies of life insurance etc: miscellaneous amendments
Amended 1 timePersonal pension arrangements: limit on contributions
Amended 1 timePayments to adopters
Amended 1 timeFoster carers
Amended 1 timeCurrency contracts and currency options
Amended 1 timeLoan relationships: amendments
Amended 1 timeDerivative contracts: transactions within groups
Amended 1 timeContributions to urban regeneration companies
Amended 1 timeCourt common investment funds
Amended 1 timeIntangible fixed assets: tax avoidance arrangements and related parties
Amended 1 timeBrowse 21 other sections in this Part — procedural / definitional / commencement
Provision of services through intermediary
Exemption where homeworker’s additional expenses met by employer
Approved share plans and schemes
Employee securities and options
Ending of relief for contributions to QUESTS
PAYE on notional payments: reimbursement period
PAYE: regulations and notional payments
Consequential amendments
Life insurance policies and deferred annuity contracts
Application of market value rule in case of exercise of option
Reporting limits and annual exempt amount
Earn-out rights to be treated as securities unless contrary election
Deferred unascertainable consideration: election for treatment of loss
Avoidance affecting proceeds of balancing event
First-year allowances for expenditure on environmentally beneficial plant or machinery
Tonnage tax: extension of capital allowance restrictions on lessors of ships
Insurance companies
Charges under life insurance policies for exceptional risk of disability
Gains on policies of life insurance etc: rate of tax
Repos etc
Relevant discounted securities: withdrawal of relief for costs and losses, etc
Part 8 — Other taxes
Exemption for fuel used in recycling processes
Amended 1 timeCHP exemption to be based on current efficiency
Amended 1 timeSupplies not known to be taxable when made, etc
Amended 1 timeAmendments about registration, payment etc
Amended 1 timeElectricity from renewable sources etc
Amended 2 timesBrowse 5 other sections in this Part — procedural / definitional / commencement
Part 9 — Miscellaneous and supplementary provisions
Companies acquiring their own shares
Amended 4 timesExchange of information between tax authorities of member States
Amended 4 timesArrangements for mutual exchange of tax information
Amended 1 timeSavings income: Community obligations and international arrangements
Amended 1 timeDeduction of tax from interest: recognised clearing houses etc
Amended 1 timeMandatory electronic payment
Amended 9 timesUse of electronic means of payment under other provisions
Amended 2 timesConsequential claims etc
Amended 1 timeAccounts of Consolidated Fund and National Loans Fund
Amended 1 timeBrowse 14 other sections in this Part — procedural / definitional / commencement
Companies in administration
Controlled foreign companies: exempt activities
Application of CFC provisions to Hong Kong and Macao companies
Authorised unit trusts: interest distributions paid gross
Admissibility of evidence not affected by offer of settlement etc
Ordinary accounts and investment accounts
Abolition of accounting requirements relating to investment deposits
Payments for service of national debt
Definition of liabilities and assets of National Loans Fund
Debt Management Account: abolition of borrowing cap
Payments in error from or to National Loans Fund
Interpretation
Repeals
Short title
Schedules
Stamp duty land tax: returns, enquiries, assessments and appeals
Unlimited fine- Fail to deliver SDLT return on time Any Person
- Submit a land transaction return and keep related records Any Person
Stamp duty land tax: record-keeping where transaction is not notifiable
Fine up to £3,000- Fail to keep and preserve required stamp duty land tax records Any Person
Stamp duty land tax: General and Special Commissioners, appeals and other proceedings
- Pay any costs imposed by Commissioners on SDLT decisions Director or Officer
Other duties (1) — Crown / regulator
- Commissioners/Tribunal must determine Stamp Duty Land Tax appeals Tribunal / Court
Browse 51 other Schedules — structural / supplementary
Supply of electronic services in member States: VAT special accounting scheme
Stamp duty land tax: amount of tax chargeable: rent
Stamp duty land tax: charities relief
Stamp duty land tax: right to buy, shared ownership leases etc
Stamp duty land tax: partnerships
Stamp duty land tax: consequential amendments
Stamp duty land tax: commencement and transitional provisions
Approved share plans and schemes
Employee securities and options
Non-resident companies: transactions through broker, investment manager or Lloyd’s agent
Permanent establishment etc: consequential amendments
Capital gains tax: reporting limits and annual exempt amount
Transfers of value: attribution of gains to beneficiaries
First-year allowances for expenditure on environmentally beneficial plant or machinery
Foster carers
Loan relationships: amendments
Sale and repurchase of securities etc
Acquisition by company of its own shares
Companies in administration
Repeals
VAT: face-value vouchers
Transactions entered into before completion of contract
Stamp duty land tax: transactions exempt from charge
Stamp duty land tax: chargeable consideration
Stamp duty land tax: higher rate for certain transactions
Stamp duty land tax: higher rates for additional dwellings and dwellings purchased by companies
Stamp duty land tax: disadvantaged areas relief
Relief for certain acquisitions of residential property
Transfers involving multiple dwellings
Stamp duty land tax: relief for special tax sites
Relief for first-time buyers
Stamp duty land tax: group relief and reconstruction and acquisition reliefs
Seeding relief
Increased rates for non-resident transactions
Stamp duty land tax: claims not included in returns
Stamp duty land tax: collection and recovery of tax
Stamp duty land tax: information powers
Stamp duty land tax: determination of penalties and related appeals
Stamp duty land tax: trusts and powers
Further provisions relating to leases
Stamp duty: restriction to instruments relating to stock or marketable securities
Corporation tax relief for employee share acquisition
Restriction of deductions for employee benefit contributions
Determination of profits attributable to permanent establishment: supplementary provisions
Tax relief for expenditure on research and development
Tonnage tax: restrictions on capital allowances for lessors of ships
Insurance companies
Policies of life insurance etc: miscellaneous amendments
Gains on policies of life insurance etc: rate of tax
Relevant discounted securities: withdrawal of relief for costs and losses, etc
Controlled foreign companies: exempt activities
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- SDLTM29902 - Abolition of MDR: Exchange of contracts on or before 6 March 2024 (opens in a new tab) Detailed Guidance
- SDLTM23040 - Reconstruction and acquisition relief restrictions (opens in a new tab) Detailed Guidance
- SDLTM23010 - Group relief overview (opens in a new tab) Detailed Guidance
- Stamp Duty Land Tax: Abolition of Multiple Dwellings Relief from 1 June 2024 (opens in a new tab) Publication
- Stamp Duty Land Tax relief for land or property transactions (opens in a new tab) Detailed Guidance
- File land transaction tax (opens in a new tab) Detailed Guidance
- Ltt ldt tax penalties guide (opens in a new tab) Detailed Guidance
- Lbtt penalties submitting or paying late (opens in a new tab) Detailed Guidance
- Rates of stamp duty land tax for non uk residents (opens in a new tab) Detailed Guidance
- Stamp duty land tax buying an additional residential property (opens in a new tab) Detailed Guidance
- ... and 6 more
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
HM Revenue & Customs
Tax collection, customs duties, national insurance, tax credits, and enforcement of the National Minimum Wage. Regulates all UK businesses for tax compliance …
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Browse legislation
Find other UK business legislation with related guidance.
Regulators
Learn more about the bodies that enforce this legislation.