Scope: What is chargeable: Land transactions: Is notification required?
By virtue of FA03/S77 & S77A a transaction other than the grant, surrender or assignment of a leases where the total consideration is less than £40,000 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 the consideration given.
- no relief or exemption is being claimed
- no relief was claimed on first grant of the lease.
Transactions where there is no chargeable consideration may nevertheless be acquisitions of a major interest in land. See examples at SDLTM00330a.