SDLTM00330 - 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 拢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 grant of a lease of seven years or more is not notifiable if any chargeable consideration other than rent is less than 拢40,000 and the 鈥榬elevant rent鈥� (normally equivalent to the annual rent) is less than 拢1,000.

The assignment or surrender 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.

The assignment or surrender of a lease originally granted for seven years or more is not notifiable if any chargeable consideration for the assignment or surrender is less than 拢40,000.

Transactions where there is no chargeable consideration may nevertheless be acquisitions of a major interest in land. See examples at SDLTM00330a.