SCHEDULES

SCHEDULE 10Stamp duty land tax: returns, enquiries, assessments and appeals

Part 1Land transaction returns

Penalty for incorrect or uncorrected return

C18

1

A purchaser who—

a

fraudulently or negligently delivers in respect of a chargeable transaction a land transaction return which is incorrect, or

b

discovers that a land transaction return delivered by him in respect of a chargeable transaction (neither fraudulently nor negligently) is incorrect and does not remedy the error without unreasonable delay,

is liable to a tax-related penalty.

2

The penalty is an amount not exceeding the amount of tax understated, that is, the difference between—

a

the amount of tax chargeable in respect of the transaction, and

b

the amount that would have been chargeable on the basis of the return delivered.