C1C2Part 4Stamp duty land tax

Annotations:
Modifications etc. (not altering text)

Returns and other administrative matters

77I1Notifiable transactions

1

This section specifies what land transactions are notifiable.

2

The grant of a lease is notifiable if—

a

the lease is for a F3... term of seven years or more and is granted for chargeable consideration, or

b

the lease is for a F4... 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.

F62A

The assignment of a lease is notifiable if there is chargeable consideration for the assignment and either—

a

the lease is for a term of seven years or more, or

b

the consideration for the assignment is chargeable at a rate of 1% or higher, or would be so chargeable but for a relief.

3

Any other acquisition of a major interest in land is notifiable F5unless—

a

the acquisition is exempt from charge under Schedule 3, or

b

the land consists entirely of residential property and the chargeable consideration for the acquisition, together with that of any linked transactions, is less than £1,000.

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.

F15

A land transaction that a person is treated as entering into by virtue of subsection (3) of section 44A (contract and conveyance to third party) is notifiable.

F26

In this section “relief” does not include any exemption from charge under Schedule 3.