SDLTM00330 - Scope: What is chargeable

Land transactions: Is notification required?

By virtue of FA03/S77(3)(b) a transaction that consists entirely of residential property and where the total consideration is less than £ 40000 is not notifiable.

The grant of a lease is not notifiable if

• the term of the lease is less than seven years
• there is no tax to pay on either the premium or the rental element
• no relief or exemption is being claimed

The assignment of a lease is not notifiable if

• the term of the lease when granted was less than seven years
• there is no tax to pay on either the premium or the rental element
• no relief or exemption is being claimed

Transactions where there is no chargeable consideration may nevertheless be acquisitions of a major interest in land. See examples at SDLTM00330a.