Finance Act 2003

77 Notifiable 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 contractual term of seven years or more and is granted for chargeable consideration, or

(b) the lease is for a contractual 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.