24 May 2017
61.Section 45 defines a notifiable land transaction as the acquisition of a major interest in land that is not covered by one of the exceptions in section 46, the acquisition of certain chargeable interests in land that are not major interests, an acquisition treated as an acquisition of a chargeable interest because the contract has been substantially performed, and certain notional land transactions.
62.Section 46 sets out the exceptions to the rules in section 45. The section provides a list of those transactions which, whilst being the acquisition of a major interest in land, are not notifiable land transactions. The list includes:
exempt transactions, where the consideration given (other than for the grant, assignment or surrender of a lease) is less than £40,000;
the grant of a lease for less than 7 years where the chargeable consideration is not more than the zero rate threshold.
63.The Welsh Ministers have the power to amend by regulations any of the amounts (such as £40,000 consideration) in this section.