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HMRC internal manual

Stamp Taxes on Shares Manual

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HM Revenue & Customs
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Stamp duty and SDRT administration: SDRT administration: time limits (SDRT)

Time limits for payment of SDRT

The time limits for the payment of Stamp Duty Reserve Tax (SDRT) are laid out in SI 1986/1711. Regulation 3 states that tax is due and payable on the accounting date. The accounting date is defined in regulation 2 and varies depending on the circumstances.

For transactions outside CREST, the accountable date is the seventh day of the month following the month in which the charge is incurred; or, for a charge on a surrender under FA99/SCH19 (STSM104010), it is the fourteenth day following the month in which the relevant two week period ends.

For transactions within CREST, the accountable date for payment of SDRT to HMRC by the operator of the system is the subject of an agreement between Euroclear UK & Ireland and HMRC. The tax will typically be debited from CREST Participants’ accounts within ten days of the date of the transaction.

There is also a provision in regulation 2 about the date from which interest runs on overdue tax in the particular circumstance that the transaction could have been reported through CREST but was not. In those circumstances, the accountable date is the fourteenth day following the transaction.