Duty must be paid by the person who made an acquisition within 3 months of the acquisition.
If the acquisition is as a result of the combined interests of other people or companies which are related or associated, each person is jointly and severally liable for payment of the duty.
Where an interest in a landholder is acquired or held by a bare trustee for another person, the interest is taken to have been acquired by the ultimate beneficial owner.
The ultimate beneficial owner must pay the duty on a relevant acquisition made as a result of combining all interests held by the ultimate beneficial owner or associated person.
Failure to pay duty on time will result in the imposition of interest. Penalty tax may also be applied.