The Stamp Duty Reserve Tax (Amendment) Regulations 2010

Amendment of the Stamp Duty Reserve Tax Regulations 1986 coming into force on 1st April 2011

9.—(1) Amend regulation 13 (underpayments)(1) as follows.

(2) In paragraph (2)—

(a) for “period of 6” substitute “period of 4”; and

(b) for “paragraph (3)” substitute “paragraphs (2A) and (3)”.

(3) After paragraph (2) insert—

“(2A) In any case of an underpayment of tax brought about carelessly by or on behalf of any person the period mentioned in paragraph (2) shall be the period of 6 years beginning with the date specified under paragraph (2).”.

(4) For paragraph (3) substitute—

“(3) In any case of an underpayment of tax brought about deliberately by or on behalf of any person the period mentioned in paragraph (2) shall be the period of 20 years beginning with the date specified under paragraph (2).

(4) Paragraph (5) applies to any case not falling within paragraph (2) where too little tax has been paid in respect of a relevant transaction or surrender provided that the case does not involve a loss of tax brought about deliberately by a person liable for the tax (or a person acting on behalf of such a person).

(5) Where this paragraph applies—

(a) no proceedings are to be brought for the recovery of the tax after the end of the period of 20 years beginning with the date on which the relevant transaction or surrender was made; and

(b) at the end of that period any liability for the tax is extinguished.”.

(1)

Regulation 13 has been amended by S.I. 1993/3110 and 1999/3264.