Preparing a Stamp Duty Land Tax policy

In light of the recent changes to the CQS Core Practice Management Standards (CPMS), it is imperative for CQS-affiliated firms to establish a comprehensive policy pertaining to Stamp Duty Land Tax, as stipulated in section 5.15. This adjustment underscores the importance of compliance with regulatory requirements.

CQS compliance consultants strongly advise firms to review and implement the necessary measures to align with the updated standards. Attention should be given to the formulation and implementation of a robust policy addressing Stamp Duty Land Tax

Firms updating their CQS Stamp Duty Land Tax Policy may wish to include the following elements:

(1) Develop a robust system for documenting and tracing the calculation process of SDLT.
(2) Establish clear procedures for maintaining a comprehensive audit trail that outlines the rationale behind SDLT advice provided to clients.

(3) Scrutinise the consideration amount specified in the sale contract and transfer deed as well as verifying that the amount is consistent between the two documents. Any discrepancies should be highlighted and ensure they are promptly addressed with relevant parties.

A recent Table of Content in a CQS Stamp Duty Land Tax Policy included:

SDLT Calculations
Pre-Exchange Due Diligence
Post-Completion Auditing
SDLT – Anti-Avoidance Measures
Noteworthy Situations
Post-Completion Stamp Duty Inquiries and Notifications
Anti-Avoidance Strategies
Matrix for Deferred Consideration Questions

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