NO more Mr Nice Guy - the Inland Revenue is no longer going easy on property buyers who are late filing their Stamp Duty Land Tax (SDLT) Returns.

Gone is the so-called "light touch" period of grace for SDLT with penalties for late or incorrect filing - those who get it badly wrong could end up paying double.

Purchasers who fail to submit SDLT returns within 30 days of the date of transaction will be penalised. Until now, they have been allowed 40 days.

For those unaware of these requirements, the penalties may be costly, warns the Association of Chartered Certified Accountants (ACCA).

Those that miss the 30-day deadline face a flat rate penalty of £100 if the return is delivered within three months after that time.

But "for those who do not submit returns within 12 months of the filing deadline (13 months of the transaction date), there is an additional tax-related penalty of up to 100 per cent of the SDLT liability - this effectively doubles the tax cost," warned ACCA spokesperson Michaela Johns.

"The Revenue also has the power to apply to the Commissioners to impose a daily penalty of £60.

SDLT came into effect on December 1 2003 to succeedStamp Duty but was not a straightforward replacement.

SDLT is a self-assessed tax applying to transactions of land and buildings in the UK but which also takes into effect any monies paid separately for fixtures and fittings.

The rates for residential property transactions are:

up to £60,000 (£150,000 in disadvantaged areas) - nil;

£60,000 to £250,000 - 1.0 per cent;

£250,000 to £500,000 - 3.0 per cent;

above £500,000 - 4.0 per cent.

For non-residential or mixed use property, the rates are nil up to £150,000 then the same rates as residential property.

SDLT is also payable on the rental element of newly-granted leases (lease duty). It is charged on the Net Present Value (NPV) of rent payable under a lease. There is an exemption for commercial leases of less than £150,000 and £60,000 for residential leases.