Commentary on Sections

Part 8 – Interpretation and Final Provisions

Schedule 3 - Transactions exempt from charge

No chargeable consideration

165.Paragraph 1 provides that land transactions for which there is no chargeable consideration are exempt from LTT. However, this is subject to provisions across the Act which deem the consideration for certain transactions to have been its market value. (See for example section 23 which states that transactions under that section are not to be treated as though there is no chargeable consideration.)