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26 March 2020 0 Comments
Posted in Commercial, Corporate, Opinion

Business alert: Coronavirus and Stamp Duty – new HMRC guidance issued

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HMRC has announced a change to its process for stamping stock transfer forms and form SH03s and the payment of stamp duty.

New HMRC guidance issued

In response to the coronavirus crisis, they have announced that stock transfer forms and other transfer instruments should not be posted to HMRC and should instead by sent by email to stampdutymailbox@hmrc.gov.uk.

HMRC has also announced that e-signatures will be accepted on forms during this period. Crucially, it has also been announced that any forms submitted by post recently should be resubmitted electronically. If they are not, the forms will not be assessed or returned until the temporary measures set out end.

Additionally, payment of stamp duty must now be made electronically (via Faster Payment, BACS or CHAPS) and details of the payment sent to HMRC by email. Payments by cheque will not be banked.

In reality, the above measures should’ve been introduced by HMRC long ago and not just in responses to an overriding need to change the process. At Royds Withy King, we hope that this is a permanent change to HMRC’s processes, befitting the digital age.

The full revised guidance is available here

Our Corporate and Commercial teams are monitoring the effects of the COVID-19 crisis and will continue to bring you updates as we learn more. Contact us on:

0800 923 2073     Email uscorporate@roydswithyking.com

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