Recovery of Overpaid Tax - Stamp Duty Land Tax and Petroleum Revenue Tax
The measure
Changes are proposed to the Stamp Duty Land Tax and Petroleum Revenue Tax error
or mistake legislation. The proposed changes will be based on the income tax,
capital gains tax and corporation tax legislation in FA 2009 Schedule 52. They
will prevent alternative claims for repayment i.e. common law claims and will
have a four year time limit. The new legislation will come into effect after a
transitional period during which claims will be possible under the current
rules.
Who will be affected?
Those who have overpaid Stamp Duty Land Tax and Petroleum Revenue Tax.
When?
No date is specified but the FA 2009 Schedule 52 equivalents for income tax, capital gains tax and corporation tax come into effect on 1 April 2010, having been introduced in Finance Bill 2009. Draft legislation will be published shortly and HMRC will consult.
It is not surprising that the Schedule 52 changes have been extended to Stamp Duty Land Tax and Petroleum Revenue Tax.
