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United KingdomGOV.UK

Wrong SDRT reference may divert payment; notices go to SDRT unit

HMRC's SDRT guide now warns a wrong off-market reference may see payment applied to another tax bill owed, with a move remedy via SDRT enquiries; off-market notices go to SDRT enquiries.

By Taxxa AI OyPublished 21 September 2026

Tax

Industry: Financial and insurance activities

Payers of Stamp Duty Reserve Tax on off-market trades face two updated instructions. HMRC's Pay Stamp Duty Reserve Tax guide now warns that using the wrong reference number may delay the payment or see it used to pay a different tax bill owedGOV — and adds an explicit remedy: contact Stamp Duty Reserve Tax enquiries to ask for a misapplied payment to be movedGOV. The previous wording mentioned only a delay in allocating the payment correctlyGOV. Separately, the written notice for off-market trades must now be sent to Stamp Duty Reserve Tax enquiriesGOV, where the old text said only to send it to HMRCGOV.

The changes concern trades outside the CREST system. CREST automatically deducts SDRT from chargeable trades and pays it to HMRCGOV, so no manual payment or notice is needed; but anyone trading outside CREST must send a written notice and pay separatelyGOV. The notice must include the buyer and seller details; what and how many securities have been transferred; any relief or exemption, or both, claimedGOV; details of the payment or other exchange, including monetary value, made; and a reference number, chosen by you, so HMRC can identify the paymentGOV. Where several transactions fall in one reporting period, each must be detailed, and three working days should be allowed for the notice to reach HMRC.

The reference for the payment itself is the number given on that off-market noticeGOV. Because the reference links the money to the liability, an error can now leave the funds against another outstanding HMRC debt while the SDRT account shows a shortfall; anyone whose payment has paid the wrong tax bill can ask Stamp Duty Reserve Tax enquiries for the payment to be movedGOV.

The deadlines turn on whether CREST could have been used. Where payment could have gone through CREST but did not, both payment and notice are due within 14 days of the trade dateGOV; where it could not, both are due by the 7th day of the month after the calendar month of the agreementGOV. If a deadline falls on a weekend or bank holiday, payment must reach HMRC by the end of the previous working dayGOV, and late payment can attract a penalty, interest or both.

Payment is by bank transfer to sort code 08 32 10GOV, account 12237210GOV in the name HMRC Stamp Office Shares UnitGOV (IBAN GB89 BARC 2011 4733 7025 96, BIC BARCGB22, account name HMRC SDRT for overseas accounts), in pound sterling. Transfers arrive the same or next day by CHAPS or Faster Payments or within three working days by Bacs. Cheque payments must not be posted; anyone unable to pay electronically should contact HMRC.

Legal basis: HMRC guidance Pay Stamp Duty Reserve Tax; SDRT applies to paperless share purchasesGOV and is distinct from Stamp Duty on stock transfer forms and Stamp Duty Land Tax.

If an off-market SDRT payment used the wrong reference from the payment notice, contact Stamp Duty Reserve Tax enquiries to ask for the payment to be moved; send off-market written notices to Stamp Duty Reserve Tax enquiries.

Sources

Pay Stamp Duty Reserve Tax