77Notifiable transactions
(1)This section specifies what land transactions are notifiable.
(2)The grant of a lease is notifiable if—
(a)the lease is for a contractual term of seven years or more and is granted for chargeable consideration, or
(b)the lease is for a contractual 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.
(3)Any other acquisition of a major interest in land is notifiable unless it is exempt from charge under Schedule 3.
(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.