The SRA is warning solicitors about the fines imposed by HM Revenue and Customs (HMRC) for Stamp Duty Land Tax (SDLT) evasion schemes.

The evasion schemes seek to negate or reduce the SDLT payable by clients when buying houses. HMRC are currently challenging SDLT returns and if a solicitor is found to knowingly provide information in support of a tax return which is incorrect, they may be fined up to £3,000 per submission. Solicitors are therefore warned to ensure they comply with the SRA’s Code of Conduct.