Pre-Budget statement: Electronic conveyancing 'near'
The government is to use the next Finance Bill to modernise the stamp duty rules to deal with electronic transfers of of land and buildings.
The move towards electronic conveyancing follows the new Electronic Communications Act, which came into force earlier this year, and removes the need for transactions in land and buildings to be paper-based.
The stamp duty charge on land transactions currently depends on the existence of paper documents. The new Act and developments by the three national Land Registries will enable land to be transferred electronically.
‘The change will help to modernise the tax system and underlines the government’s firm commitment to removing legislative barriers to electronic dealings with government,’ the Inland Revenue said in a statement attached to the pre-Budget report.