June Budget – Overpayments of SDLT and PRT
From 1 April 2011, the time limits to reclaim overpayments of Stamp Duty Land Tax (SDLT) and
Petroleum Revenue Tax (PRT) are to be reduced from six to four years. This change follows similar measures made in Finance Act 2009 which amended the time limits for income tax, capital gains tax and corporation tax.
The measure will also remove the requirements that the overpayment must be the result of a mistake in a return and that it must be made under an assessment. The legislation will be included as part of the Finance Bill to be published following the summer recess.