Finance Act 2003

77 Notifiable transactions U.K.

(1) This section specifies what land transactions are notifiable.

(2) The grant of a lease is notifiable if—

(a) the lease is for a F1 ... term of seven years or more and is granted for chargeable consideration, or

(b) the lease is for a F2 ... term of less than seven years and either—

(i) the chargeable consideration consists or includes a premium in respect of which tax is chargeable at a rate of 1% or higher, or

(ii) the chargeable consideration consists of or includes rent in respect of which tax is chargeable at a rate of 1% or higher,

or, in either case, in respect of which tax would be so chargeable but for a relief.

(3) Any other acquisition of a major interest in land is notifiable unless it is exempt from charge under Schedule 3.

(4) An acquisition of a chargeable interest other than a major interest in land is notifiable if there is chargeable consideration in respect of which tax is chargeable at a rate of 1% or higher, or in respect of which tax would be so chargeable but for a relief.

Textual Amendments

F1 Word in s. 77(2)(a) omitted (1.12.2003) by virtue of The Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), reg. 1, Sch. para. 8(4)

F2 Word in s. 77(2)(b) omitted (1.12.2003) by virtue of The Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), reg. 1, Sch. para. 8(4)

Commencement Information

I1 Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)