77Notifiable transactionsU.K.
(1)This section specifies what land transactions are notifiable.
(2)The grant of a lease is notifiable if—
(a)the lease is for a F1... term of seven years or more and is granted for chargeable consideration, or
(b)the lease is for a F2... term of less than seven years and either—
(i)the chargeable consideration consists or includes a premium in respect of which tax is chargeable at a rate of 1% or higher, or
(ii)the chargeable consideration consists of or includes rent in respect of which tax is chargeable at a rate of 1% or higher,
or, in either case, in respect of which tax would be so chargeable but for a relief.
[F3(2A)The assignment of a lease is notifiable if there is chargeable consideration for the assignment and either—
(a)the lease is for a term of seven years or more, or
(b)the consideration for the assignment is chargeable at a rate of 1% or higher, or would be so chargeable but for a relief.]
(3)Any other acquisition of a major interest in land is notifiable [F4unless—
(a)the acquisition is exempt from charge under Schedule 3, or
(b)the land consists entirely of residential property and the chargeable consideration for the acquisition, together with that of any linked transactions, is less than £1,000].
(4)An acquisition of a chargeable interest other than a major interest in land is notifiable if there is chargeable consideration in respect of which tax is chargeable at a rate of 1% or higher, or in respect of which tax would be so chargeable but for a relief.
[F5(5)A land transaction that a person is treated as entering into by virtue of subsection (3) of section 44A (contract and conveyance to third party) is notifiable.]
[F6(6)In this section “relief” does not include any exemption from charge under Schedule 3.]
Textual Amendments
F1Word in s. 77(2)(a) repealed (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 4(2) (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14)
F2Word in s. 77(2)(b) repealed (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 4(2) (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14)
F3S. 77(2A) substituted (with effect in accordance with s. 164(3) of the amending Act) by Finance Act 2006 (c. 25), s. 164(1)
F4Words in s. 77(3) substituted (22.7.2004) by Finance Act 2004 (c. 12), s. 298(2)(b)
F5S. 77(5) inserted (with effect in accordance with Sch. 39 para. 13(1) of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 4(3)
F6S. 77(6) inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 298(2)(c)
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)