sdlt.co.uk

Land Transaction Tax – a backward step for UK Legal Technology? - Have Your Say

8th February 2018

Conveyancers who invested in Case Management and Legal IT will understandably be disappointed with Welsh Assembly’s silence as to their views on Legal Software integration with the new Land Transaction Tax requirement. It would appear that e-conveyancing in the UK will take a backward step when the new property tax becomes mandatory in Wales from April 2018.

From April 2018 in order to submit the new Land Transaction Tax return to the new Welsh Revenue Authority you will be required to logon to a brand new government agency and RETYPE all the information your conveyancer’s have painstakingly entered into your Practice or Case Management IT investment throughout the remaining unchanged conveyancing process. Whereas for English property transactions data will auto populate your Stamp Duty Land Tax return using data you entered via your efficient Case and Practice Management systems.

Currently conveyancers will suffer a loss in benefit from their investments that legal Software provides in collaboration with forward thinking UK government departments such as HM Revenue & Customs, Revenue Scotland, HM Land Registry and Companies House.

HM Revenue & Customs, HM Land Registry and Companies House recognise Property professionals as valued customers and have worked with key stakeholders including leading legal software providers, conveyancing official bodies, licensed conveyancers and property solicitors in the drive towards e-conveyancing improving the home buying process.

SDLT expert David Hannah of leading Property Tax Advisers Cornerstone Tax, said: “What should have been a huge opportunity to make the system simpler, more accurate and less time-consuming for all concerned is instead going to have the exact opposite effect, thanks to the apparent intransigence of the WRA whom are exaggerating the cost to property professionals of welsh devolution via the exclusion of any form of systems integration added to late in the day information. Making preparation and good client advice, impossible to provide. We at Cornerstone tax implore the WRA to engage like HMRC have done with systems providers that manage property tax data."

As a market leader and avid supporter of the governments Digital By Default drive, SDLT.co.uk is contacting all Property professionals to engage and to reply to the Welsh Assembly’s’ charter to urge them to make the new Land Transaction Tax Digital By Default for all property professionals so that data can continue to be reused in an efficient and accurate manner in the conveyancing process in Wales after 1 April 2018.

Following the devolution of taxes in the UK the Welsh Assembly is currently standing alone as Revenue Scotland also provides integration with legal software providers and has done so since April 2015 when SDLT was replaced in Scotland by Land and Buildings Transaction Tax (see LBTTax.co.uk)

The Welsh Assembly is ignoring property professionals and you must add your voice to be heard by replying to the Welsh Assembly’s Charter consultation by 13 February

How do I have my say?

Choose 1 of 3 ways, depending on how much time you have; 5, 15 or 50 seconds; what will it be...?

  1. The 5 second way - click here to email or re-word the following "We at 'insert your firm name' require integration between our own digital systems and that of WRA which is vital to our Conveyancing departments' profitability and risk management' and send to haveyoursay@wra.gov.wales
  2. The 15 second way - click here to complete the WRA online consultation of which only Page 2 (2.1 & 2.3) and page 6 is relevant. You can skip to these pages and leave irrelevant charter questions blank, then submit your comments. Your comments could say something along the lines of: "We at 'insert your firm name'  require integration between our own digital systems and that of WRA  which is vital to our Conveyancing departments' profitability and risk management'
     
  3. The 50 second way - click here to complete the consultation via a word document that you can download, where the highlighted yellow sections and content are for you to take a view on and edit in essence saying "We at 'insert your firm name'  require integration between our own digital systems and that of WRA  which is vital to our Conveyancing departments' profitability and risk management', and email the document to haveyoursay@wra.gov.wales

 

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