This guide offers a reminder of Stamp Duty Reserve Tax (SDRT) payment deadlines and explains all of the available payment options.
HM Revenue & Customs (HMRC) recommends that you make all of your SDRT payments electronically. HMRC counts all of the payment methods below as electronic apart from payment by post. Paying electronically:
There are three main types of SDRT payment:
The payment deadlines, payment reference numbers and HMRC bank account details are different in each case.
On this page:
From 16 December 2011 HMRC will be able to accept payments made using the Faster Payments Service (FPS).
FPS is a service that has been introduced by the banking industry that allows payments by internet or telephone banking to be received on the same or next day, provided the value of the payment does not exceed the limit set by your own bank or building society.
Before making a payment using FPS you should contact your bank or building society to confirm the services available to you, any daily value limits and latest cut off times for making a payment.
More about Faster Payments Service
A large proportion of UK shares are held in an electronic system called CREST. CREST automatically deducts SDRT from chargeable trades and pays over the tax to HMRC. Where securities are capable of being settled in CREST, payment and notice are due 14 calendar days after the trade date.
A CREST Transaction ID (identifier) is automatically generated by the CREST system when trade details are entered. Each trade has a CREST Transaction ID.
You must be a member of CREST to use this system.
Your payment and notice should reach HMRC by the seventh of the month following the month in which the date of the agreement takes place for example for an agreement date of 18 April 2009 the payment would be due by 7 May 2009.
For monthly notices, your payment and notice should reach HMRC by the 14th of the following month. For example, if you execute a transaction on 10 May 2009 your payment and notice should reach HMRC by 14 June 2009.
Interest will be payable for any payment of SDRT not made by the required date.
If paying outside the CREST system, you can use your bank or building society services to pay by:
Internet banking – use HMRC’s bank account details to set up a manual instruction. You also need to enter your SDRT reference and the payment amount.
Telephone banking – phone your bank/building society and give them HMRC’s bank account details, your reference and the amount to pay.
Faster Payments – this is a service that has been introduced by the banking industry for sending payments initiated by internet or telephone banking on the same or next day, providing the value of the payment does not exceed the value limit set by the sending bank.
Before making a payment you should contact your bank or building society to confirm the services available to you, any daily value limits and the latest cut off times for making a payment.
More about the Faster Payments Service
Information about Faster Payment limits (Opens new window)
Bacs Direct Credit - your payment is transmitted by Bacs direct to HMRC’s bank account. This service is only available for customers whose businesses are authorised by their bank to submit files direct to Bacs. It normally takes three bank working days for a payment by Bacs Direct Credit to reach HMRC. Bank working days are Monday to Friday excluding bank holidays.
CHAPS – this enables you to tell your bank to make a payment that will reach HMRC on the same day provided you initiate the payment within the time specified by your bank (usually between 9.00 am and 3.00 pm). CHAPS payments are more expensive than other payment methods but may be of benefit if you are making very large payments.
To pay your SDRT using any of the above payment methods you'll need to set up the payment details with your bank. You'll need to supply them with:
When making a payment to HMRC please make sure you always use the correct bank account details and reference number. And that your bank has confirmed that your payment has been made successfully.
If you make a mistake with the sort code or account number there may be a delay before your record is credited or your payment may not be received at all. That could mean you are charged a penalty, interest or surcharge for late payment.
When paying by internet or telephone banking, Faster Payments, Bacs
Direct Credit or CHAPS you should only use the bank account details shown
below and not the account number shown on the front of your HMRC payslip
as this sort code is only for payments made by Bank Giro or at a Post
Office.
These account details are only for payment of Stamp Duty Reserve Tax, and should not be used to pay Stamp Duty or Stamp Duty Land Tax.
How to pay Stamp Duty Land Tax
| Payment type | Sort code | Account number | Account name |
|---|---|---|---|
| Off Market | 08 32 10 | 12237210 | HMRC Stamp Office Shares Unit |
| Unit Trust or OEIC | 08 32 10 | 12237229 | HMRC Stamp Office SHS Unit 2 |
If your bank asks for the address of the bank to which payment is being made please use
Citi
Citigroup Centre
Canada Square
Canary Wharf
London
E14 5LB
When making a payment outside CREST, as well as making the payment you must also provide the following information to HMRC in writing:
You will only need to provide details of your SDRT reference number when you are making a Unit Trust or OEIC payment. If you don't have this please contact HMRC on Tel 0845 603 0135 to obtain one.
The reference will consist of three to six characters with the first three characters being alpha, followed by one to three numeric characters, for example XYZ1 (for a four-character reference number) or XYZ299 (for a six-character reference number). These reference numbers are only examples and should not be used to make a payment.
It is important that you provide an accurate reference number otherwise it could lead to delays in updating your record.
Reference numbers for Off Market payments will be allocated by HMRC when they receive your payment.
Remember, you may be charged interest if your payment is not received by HMRC by the agreed deadline date.
If your cleared payment arrives late interest will be charged.
HMRC recommends that you make your SDRT payments electronically.
Electronic payments are generally more efficient and secure, provided you give them an accurate reference number.
However if paying by post please:
Post to:
Birmingham Stamp Office
9th Floor
City Centre House
You can pay your SDRT from a bank outside the UK. You should check with your bank or building society to see how long it takes to transfer a payment. Payment can only be made in sterling.
You'll need to give your bank or building society HMRC's bank account details.
Please take care if you need to enter HMRC’s bank account details. If you make a mistake with the sort code or account number there may be a delay before your record is credited or your payment may not be received at all.
These account details are only for payment of Stamp Duty Reserve Tax, and should not be used to pay Stamp Duty or Stamp Duty Land Tax.
How to pay Stamp Duty Land Tax
| Payment type | International Bank Account Number (IBAN) | Swift Bank Identifier Code (BIC) | Account name |
|---|---|---|---|
| Off Market | GB43CITI08321012237210 | CITIGB2L | HMRC Stamp Office Shares Unit |
| Unit Trust or OEIC | GB15CITI08321012237229 | CITIGB2L | HMRC Stamp Office SHS Unit 2 |
Note: Where an IBAN is shown you must give this number as well as the SWIFT BIC.
If your bank asks for the address of the bank to which payment is being made please use
Citi
Citigroup Centre
Canada Square
Canary Wharf
London
E14 5LB
When making a payment outside CREST as well as making the payment, you must also provide the following information to HMRC in writing:
You will only need to provide details of your SDRT reference number when you are making a Unit Trust or OEIC payment. If you do not have this please contact HMRC on Tel 0845 603 0135 to obtain one.
The reference will consist of three to six characters with the first three characters being alpha, followed by one to three numeric characters, for example XYZ1 (for a four-character reference number) or XYZ299 (for a six-character reference number). These reference numbers are only examples and should not be used to make a payment.
It is important that you provide an accurate reference number otherwise it could lead to delays in updating your record.
Reference numbers for Off Market payments will be allocated by HMRC when they receive your payment.
In order to minimise costs to all taxpayers HMRC does not automatically issue receipts for payments. If you have made your payment electronically using one of the methods described elsewhere in this guide you can confirm from your own bank or building society statement that payment has cleared your account.
However, if you are paying HMRC by post and you need to ask for a receipt you should include a separate letter with your payment. HMRC cannot identify any instructions written on payslips as they are processed automatically.
