PART 4Returns and payment
CHAPTER 1Returns
Notifiable transactions
30Notifiable transactions
1
A land transaction is notifiable unless it is—
a
an exempt transaction,
b
an acquisition of the ownership of land where the chargeable consideration for the acquisition is less than £40,000,
c
an acquisition of a chargeable interest other than a major interest in land where the chargeable consideration does not exceed the nil rate tax band applicable to the transaction, or
d
an acquisition specified in subsection (2).
2
The following transactions in relation to leases are also not notifiable—
a
the grant of a lease for a period of 7 years or more where—
i
any chargeable consideration other than rent is less than £40,000, and
ii
the relevant rent is less than £1,000,
b
the assignation or renunciation of a lease where—
i
the lease was originally granted for a period of 7 years or more, and
ii
the chargeable consideration for the assignation or renunciation is less than £40,000,
c
the grant of a lease for a period of less than 7 years where the chargeable consideration does not exceed the nil rate tax band applicable to the transaction, and
d
the assignation or renunciation of a lease where—
i
the lease was originally granted for a period of less than 7 years, and
ii
the chargeable consideration for the assignation or renunciation does not exceed the nil rate tax band applicable to the transaction.
3
In subsections (1) and (2), “chargeable consideration”—
a
where the transaction is one of a number of linked transactions, means the total of the chargeable consideration for all the linked transactions,
b
includes any amount in respect of which tax would be chargeable but for a relief.
4
In subsection (2)(a)(ii), “relevant rent” means—
a
the annual rent (as defined in paragraph 9(7) of schedule 19), or
b
in the case of the grant of a lease to which paragraph 29 of schedule 17 applies, the relevant chargeable proportion of the annual rent (as calculated in accordance with that paragraph).
5
The exceptions in subsections (1)(a) to (d) and (2) do not apply where the transaction is a transaction that a person is treated as entering into by virtue of section 11(3).
6
This section has effect subject to—
a
section 10(3) (substantial performance without completion),
b
paragraph 17(6) of schedule 2 (arrangements involving public or educational bodies),
c
paragraph 12 of schedule 7 (alternative property finance), and
d
paragraph 41 of schedule 17 (transfer of partnership interests).
7
The Scottish Ministers may, by order, amend subsection (1)(b), (2)(a)(i) or (b)(ii) so as to substitute, for the figure for the time being specified there, a different figure.