Section 16 Surcharges to apply when apportionment is not just and reasonable

Summary

There are a number of situations in which it is necessary to apportion the consideration paid for a transfer/lease of property which includes residential property.

This section, which provided for surcharges where liability to stamp duty was reduced either because the residential property element of the consideration was undervalued or it was overvalued, has been abolished in respect of instruments executed on or after 7 July 2012. For such instruments, where an incorrect apportionment is included in the stamp duty return filed under the e-stamping system, penalties relating to the filing of an incorrect return will be incurred (see section 134A).

Relevant Date: Finance Act 2014