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HMRC internal manual

Stamp Taxes on Shares Manual

Introduction to Stamp Duty on shares and Stamp Duty Reserve Tax (SDRT): Stamp duty - payment and penalties: interest on unpaid duty

Interest is charged on unpaid duty under the provisions of SA1891/S15A and applies to instruments executed on or after 1 October 1999. S15A (3) provides that the rate of interest is that applicable under the provisions of FA89/S178.

Unlike penalties, interest is chargeable on all documents that have not been stamped within thirty days of the date of execution, no matter where executed (S15A(1)).

No interest is payable if the amount is less than £25; and the result of the interest calculation is rounded down to the next lower multiple of £5 if necessary (S15A(4)).

Interest is commercial restitution to the Exchequer for the period in which it was deprived of monies to which it was entitled. There is no right of appeal against an interest charge that has been correctly calculated.

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)