Stamp Duty: “wait & see” cases – written undertakings

We were recently asked whether we have changed our practice on acceptance of written undertakings in Stamp Duty “wait and see” cases. (Where the amount of consideration is subject to variation, pending completion accounts.)

We can confirm that there has been no change and that the position remains as set out in the guidance at 4.317 of the Stamp Taxes Manual, which is:

Documents can be provisionally stamped, using the initial consideration (or your estimate of the consideration), provided we receive an undertaking to resubmit the documents, with any additional duty and interest, when the final figure is known.

• If you are a practitioner submitting the application for provisional stamping on behalf of your client, the undertaking must come from you.
• If you are the client submitting the application for provisional stamping, the undertaking must come from you - but it is acceptable for the cheque to be drawn on the practitioners’ client account.