Who is responsible for paying SDLT on a property transfer?

Who is responsible for paying SDLT on a property transfer?

• A. The transferor
• B. The purchaser
• C. The local authority
• D. The government

Answer: (B)

In the context of Stamp Duty Land Tax (SDLT) within the UK, the responsibility for paying SDLT lies with the purchaser of the property. When a property is transferred in a sale, it is the buyer who is generally responsible for calculating the amount of SDLT due, and subsequently paying that sum to HM Revenue and Customs (HMRC). This tax is levied on the purchase price of the property and serves to generate revenue for the government. The purchaser's obligation to pay tax is a crucial aspect of property transactions, and this duty typically arises at the time of completion. Failure to pay SDLT can lead to penalties, interest on late payments, and complications with the registration of property ownership, making it essential for the buyer to factor this cost into their overall budgeting for property acquisition. The other choices, while they may involve various roles in the property transfer process, do not hold the responsibility for paying SDLT directly. The transferor might be involved in the transaction, but it is the purchaser who is legally obliged to ensure that SDLT is properly managed and paid.

In the context of Stamp Duty Land Tax (SDLT) within the UK, the responsibility for paying SDLT lies with the purchaser of the property. When a property is transferred in a sale, it is the buyer who is generally responsible for calculating the amount of SDLT due, and subsequently paying that sum to HM Revenue and Customs (HMRC). This tax is levied on the purchase price of the property and serves to generate revenue for the government.

The purchaser's obligation to pay tax is a crucial aspect of property transactions, and this duty typically arises at the time of completion. Failure to pay SDLT can lead to penalties, interest on late payments, and complications with the registration of property ownership, making it essential for the buyer to factor this cost into their overall budgeting for property acquisition.

The other choices, while they may involve various roles in the property transfer process, do not hold the responsibility for paying SDLT directly. The transferor might be involved in the transaction, but it is the purchaser who is legally obliged to ensure that SDLT is properly managed and paid.