Scope: What is chargeable: Land transactions: Notifiable transactions FA03/S77: examples
The purchase of first residential property by an individual for £50,000.
As the chargeable consideration does not exceed £125,000 Stamp Duty Land Tax is chargeable at the 0% rate.
Although no tax is payable the obligation to notify the transaction to HM Revenue & Customs on form SDLT1 remains as the consideration is not less than £40,000.
The purchase of first residential property by an individual for £1.
No tax is payable and the transaction is not notifiable because of the exemption in FA03/S77(3)(b) for transactions under £40,000.
A lease for 999 years is granted for no premium and a peppercorn rent.
The transaction is not notifiable as there is no chargeable consideration.
A lease for 999 years is granted for no premium and a £5 annual rent.
As the chargeable consideration is less than £40,000 notification is not required.