IMPORTANT – Stamp Duty Law Tax (SDLT) concession ends 31.03.2021

This article was posted on: 14 Dec 2020 By Kate Bower

The period up to the 31.03.2021 will become extremely stressful for all concerned. Many people will be pushing for completion in the final week to try to avoid missing out on the SDLT concession.

- Try to avoid completing during the week 26-31.03.2021.
- We will do our best to liaise with the others involved to mitigate any hurdles. However, the speed of the transaction is out of our control. We cannot guarantee that transactions will complete before 31.03.2021. This is especially the case where the transaction forms part of a chain.
- Solicitors & Licensed Conveyancers are often the last link in the move. It is only when the Solicitor or Licensed Conveyancer has all the pieces, which is dependent on others, that buyers and sellers can move.
- Contracts may need to be amended to take any SDLT concession related issues into account.
  - What happens if some people in the chain still wish to proceed even if they complete after the 31.03.2021 and some don’t.
  - Consideration needs to be given to compensation payments which may include unanticipated SDLT, if completion does not take place when expected or at all.
  - Please ensure you are aware of any conditions your lender may have imposed in relation to the SDLT concession.
  - Evidence of funds to cover SDLT after the concession period may be required if the completion date is close to 31.03.2021.