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.