HMRC has published updated guidance on the stamp duty penalties regime so that, from 1 October 2014, the penalties for late stamping are:

  • within one year of the deadline: lesser of £300 and 10% of the duty
  • between one and two years of the deadline: 20% of the duty
  • more than two years after the deadline: 30% of the duty.

This approach is in keeping with HMRC’s ability to exercise discretion to mitigate the penalties for late stamping of documents (which, under the strict statutory position, could exceed  these amounts).

To view the updated guidance, click here.