Stamp Taxes Glossary - S

SA

Self Assessment

SDLT

stamp duty land tax

SDLT 5 Certificate

A certificate (a “HMRC certificate”) that a land transaction return has been delivered to HM Revenue & Customs in respect of a notifiable land transaction. HM Revenue & Customs issue it to the purchaser. On production of the certificate to a land registry the transaction may be included in the register.

SDRT

stamp duty reserve tax

SD

stamp duty

Sale and leaseback

transactions between the same parties are finance raising for the originator.

Self-certification

The stamp duty land tax certificate (form SDLT 60) that supports an application for registration where an SDLT1 does not have to be completed.As a result of the March 2008 Budget this form is no longer required

Shared ownership lease

A scheme to partly buy and partly lease a property, usually from a housing association or local authority. Over time an increasing share in the property may be acquired. The purchaser elects the way in which stamp duty land tax is calculated and paid.

Sub-sale

A sale that is evidenced by a contract that is not completed because the purchaser under the contract enters into a further contract with a new purchaser who completes the transaction by taking a conveyance of the property from the original vendor.

Substantial performance

taking possession or payment of consideration under a contract: triggers a requirement to make up a stamp duty land tax return.

Successive linked leases

Leases which run consecutively, but which are linked because the parties intended from the outset that the tenancy would embrace the term granted by each lease, or because the tenant in negotiating terms for the further lease obtains a benefit by virtue of the earlier occupation of the property that would not be available to anybody else negotiating a tenancy in the open market.