LBTT4003 - Notifiable transactions

LBTT guidance on which land transactions (other than certain lease transactions) are notifiable for LBTT purposes and which are not.

All land transactions need to be notified to us by means of a LBTT return unless (in relation to transactions other than those involving leases):

  • the interest in question is an exempt interest, namely a security interest such as the creditor’s interest in a standard security, in which case the transaction is beyond the scope of the legislation;
  • the transaction is classed as an exempt transaction (see LBTT3002);
  • the chargeable consideration for the transaction involving the acquisition of ownership and all linked transactions is less than £40,000; or
  • it is 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.

None of the above apply where the transaction is under a contract providing for conveyance to a third party (see LBTT1006).

Separate rules apply relating to transactions involving leases which are notifiable. See LBTT6010 for more information.

LBTT(S)A 2013 section 30

Where a tax relief (see LBTT3010) is claimed to reduce or even eliminate the tax chargeable, a LBTT return must still be made if the consideration includes any amount on which LBTT would be chargeable but for the relief.

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