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SEAN RANDALL considers the impact of the fifth anniversary of SDLT on re-notifying HMRC in respect of lease grants and rent increases
KEY POINTS
- After 1 December 2008 a tenant may need to re-calculate the net present value and re-notify HMRC in respect of a lease granted five years previously.
- Extra tax might be payable or a claim for repayment of overpaid tax might be possible.
- After 1 December 2008 certain rent increases might be chargeable to SDLT.
In a matter of a few months stamp duty land tax will be five years old. Aside from remarking on the speed with which time has flown by practitioners might reasonably perceive this fact to have little significance.
That gives rise to a danger; 1 December 2008 is the first date on which tenants (and assignees) may become obliged to re-notify HMRC in respect of two aspects connected with prior lease grants:
- uncertain rent; and
- Abnormal rent increases.
Each...
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