PART 6RETURNS AND PAYMENTS
CHAPTER 1RETURNS
Notifiable transactions
46Exceptions for certain acquisitions of major interests in land
(1)
The exceptions referred to in section 45 are as follows.
(2)
A transaction which is exempt from charge as provided for in Schedule 3.
(3)
An acquisition other than the grant, assignment or surrender of a lease where the chargeable consideration, together with the chargeable consideration for any linked transactions, is less than £40,000.
(4)
The grant of a lease for a term of less than 7 years, where the chargeable consideration does not exceed the zero rate threshold.
(5)
The assignment or surrender of a lease where—
(a)
the lease was originally granted for a term of less than 7 years, and
(b)
the chargeable consideration for the assignment or surrender does not exceed the zero rate threshold.
(6)
The grant of a lease for a term of 7 years or more where—
(a)
the chargeable consideration other than rent is less than £40,000, and
(b)
the relevant rent is less than £1,000.
(7)
The assignment or surrender of a lease where—
(a)
the lease was originally granted for a term of 7 years or more, and
(b)
the chargeable consideration for the assignment or surrender is less than £40,000.
(8)
Chargeable consideration for an acquisition exceeds the zero rate threshold if it includes —
(a)
any amount in respect of which tax is chargeable at a rate of more than 0%, or
(b)
any amount in respect of which tax would be so chargeable but for a relief listed in section 30(2) or (3).
(9)
In subsection (6), “"relevant rent”” means—
(a)
the annual rent (as defined in paragraph 36(2) of Schedule 6), or
(b)
in the case of the grant of a lease to which paragraph 31 of Schedule 7 applies, the relevant chargeable proportion of the annual rent (as calculated in accordance with that paragraph).
(10)
The Welsh Ministers may by regulations amend subsection (3), (6) or (7) so as to substitute for an amount for the time being specified there a different amount.