Legislation – Finance Act 2026

The Treasury may by regulations make provision for the purpose of enabling or facilitating the testing by HMRC of modern stamp tax procedures by applying such procedures to relevant transfers on sale.

(2)

A transfer on sale is “relevant” for the purposes of this section if—

(a)

the transfer is executed in a prescribed period,

(b)

the purchaser—

(i)

is a designated person, and

(ii)

does not determine that the transfer is to be excluded from the procedures mentioned in subsection (1),

(c)

stamp duty is, or would but for an exemption or other relief be, chargeable on the transfer, and

(d)

the transfer meets any other conditions that may be prescribed.

(3)

“Modern stamp tax procedures” means any procedure, technology, system or process that could be used for the payment, collection, recovery or other administration of a future tax replacing stamp duty under which the purchaser in relation to a transfer on sale is liable to the tax.

(4)

Regulations under this section may—

(a)

provide that, if a designated person complies with prescribed requirements in relation to a relevant transfer on sale, a prescribed step required or contemplated by any legislation relating to stamp duty is to be treated as having been carried out;

(b)

make further provision about designations under subsection (2)(b)(i);

(c)

treat designated persons as liable to stamp duty on any relevant transfers on sale in respect of which they are the purchaser;

(d)

confer functions on HMRC, including functions involving the exercise of a discretion.

(5)

Regulations under this section may—

(a)

enable the claiming by designated persons of reliefs or refunds in respect of relevant transfers on sale;

(b)

make provision about the keeping of records;

(c)

make provision about the time at which payments of stamp duty are to be made and the methods of payment;

(d)

require any person liable by virtue of this section to pay stamp duty on a relevant transfer—

(i)

to notify HMRC and submit a self-assessed return;

(ii)

to comply with any request of HMRC to provide information in connection with the relevant transfer;

(e)

make provision about enforcement (including provision for the imposition of civil penalties or other sanctions for a failure to comply with requirements under the regulations);

(f)

include provision about—

(i)

the information to be included in a self-assessed return;

(ii)

the form of, and method of submitting, such a return;

(g)

require designated persons to use a prescribed facility for the making of payments or the submission of returns;

(h)

provide for Schedule 36 to FA 2008 (information and inspection powers) to have effect as if in paragraph 63(1) of that Schedule (meaning of “tax”), after paragraph (g) there were inserted—

“(ga)

stamp duty on a relevant transfer on sale (as defined in section 277(2) of FA 2026),”.

(6)

Regulations under this section may provide for any provisions of TMA 1970 specified in the regulations to apply in relation to stamp duty on relevant transfers as they apply in relation to a tax within the meaning of that Act, subject to any modifications that may be prescribed.

(7)

Regulations under this section may—

(a)

disapply or otherwise modify any enactment;

(b)

make different provision for different purposes;

(c)

make incidental, supplementary or consequential provision.

(8)

In the case of a transfer on sale executed by two or more joint purchasers, the reference in subsection (2)(b) to the purchaser is to be read as a reference to the purchaser who is first named on the transfer.

(9)

In this section—

“designated person” means a person designated by HMRC with the person’s consent;

“HMRC” means His Majesty’s Revenue and Customs;

“prescribed” means prescribed in regulations under this section.

(10)

A power to make regulations under this section is exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.