Bank clearing funds on 31-03 and transferring funds 01-04 - SDLT 3% question

jp_1

Member

Join Date: Oct 2010

Posts: 20
#1

Bank clearing funds on 31-03 and transferring funds 01-04 - SDLT 3% question

31-03-2016, 20:56 PM

If the banks cleared my funds at 1pm on the 31st March and stated funds would be released on 31st, but then were not able to release the funds as the backlog meant it failed the 3.30pm deadline, do I have to pay the increased 3% SDLT?

It seems extremely unfair to be penalised for a situation where if it was an average day fund clearance and release would have occurred within a couple of hours of each other but on a key date the banks were unable to execute both tasks and so exposing me to thousands of extra pounds in SDLT.
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LondonSW

Senior Member

Join Date: Dec 2015

Posts: 554
#2

31-03-2016, 21:10 PM

So you complete the 1st April? Unfair, but the 3% additional SD would apply, unfortunately!
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loanarranger

Senior Member

Join Date: Feb 2014

Posts: 3741
#3

01-04-2016, 06:52 AM

I agree with LondonSW. The 3% has to be paid. If you feel the bank has failed then try and sue them.
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Bank clearing funds on 31-03 and transferring funds 01-04 - SDLT 3% question

Bank clearing funds on 31-03 and transferring funds 01-04 - SDLT 3% question

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