- Latest available (Revised) - English
- Latest available (Revised) - Welsh
- Original (As enacted) - English
- Original (As enacted) - Welsh
This is the original version (as it was originally enacted).
(1)For the purposes of this Act, a land transaction is notifiable if it is—
(a)an acquisition of a major interest in land (see section 68) that does not fall within one of the exceptions listed in section 46,
(b)an acquisition of a chargeable interest, other than a major interest in land, if—
(i)it is not exempt from charge as provided for in Schedule 3, and
(ii)tax is chargeable at a rate of more than 0%, or would be so chargeable but for a relief listed in section 30, in respect of any part of the chargeable consideration for the transaction,
(c)a land transaction that a person is treated as entering into by virtue of section 11(3)(contract providing for transfer to third party), or
(d)a notional or additional notional land transaction within the meaning given in paragraph 8(1) and (3) of Schedule 2.
(2)This section has effect subject to—
(a)section 10(5) (contract and transfer),
(b)paragraph 18(5) of Schedule 4 (arrangements involving public or educational bodies),
(c)paragraph 44(1) of Schedule 7 (transfer of partnership interest), and
(d)paragraph 2(6) of Schedule 10 (alternative property finance).
(1)The exceptions referred to in section 45 are as follows.
(2)A transaction which is exempt from charge as provided for in Schedule 3.
(3)An acquisition other than the grant, assignment or surrender of a lease where the chargeable consideration, together with the chargeable consideration for any linked transactions, is less than £40,000.
(4)The grant of a lease for a term of less than 7 years, where the chargeable consideration does not exceed the zero rate threshold.
(5)The assignment or surrender of a lease where—
(a)the lease was originally granted for a term of less than 7 years, and
(b)the chargeable consideration for the assignment or surrender does not exceed the zero rate threshold.
(6)The grant of a lease for a term of 7 years or more where—
(a)the chargeable consideration other than rent is less than £40,000, and
(b)the relevant rent is less than £1,000.
(7)The assignment or surrender of a lease where—
(a)the lease was originally granted for a term of 7 years or more, and
(b)the chargeable consideration for the assignment or surrender is less than £40,000.
(8)Chargeable consideration for an acquisition exceeds the zero rate threshold if it includes —
(a)any amount in respect of which tax is chargeable at a rate of more than 0%, or
(b)any amount in respect of which tax would be so chargeable but for a relief listed in section 30(2) or (3).
(9)In subsection (6), “relevant rent” means—
(a)the annual rent (as defined in paragraph 36(2) of Schedule 6), or
(b)in the case of the grant of a lease to which paragraph 31 of Schedule 7 applies, the relevant chargeable proportion of the annual rent (as calculated in accordance with that paragraph).
(10)The Welsh Ministers may by regulations amend subsection (3), (6) or (7) so as to substitute for an amount for the time being specified there a different amount.
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