1. Notifiable Transaction

If a deed submitted for registration is a notifiable transaction submitted on or after 1 April 2015, the effective date of that transaction must be identified and the applicable tax legislation requirements must be met to permit the Keeper to accept the application for registration.

Where the effective date of the notifiable transaction is prior to 1 April 2015, SDLT rules continue to apply and an SDLT certificate will be required in terms of section 79 of the Finance Act 2003.

If the effective date of the notifiable transaction is on, or after, 1 April 2015, LBTT rules will apply.

Section 43 of the Land and Buildings Transaction Tax (Scotland) Act 2013 requires that a deed evidencing a notifiable transaction must not be registered in any register maintained by the Keeper of the Registers of Scotland, unless (a) a land transaction return has been made in relation to that transaction, and (b) any tax payable in respect of that transaction has been paid.

For a notifiable transaction with an effective date on, or after, 1 April 2015, see The Section 43 Search. 

For LBTT purposes, a land transaction is notifiable unless it is:

1) An exempt transaction, that is:

• Where there is no chargeable consideration for the land transaction;
• Where the acquisition has been made by the crown (in the form of crown bodies);
• The grant, assignation or renunciation of a lease of residential property, which is not a "qualifying lease", although such transactions are subject to certain conditions;
• Where the transaction is in connection with divorce;
• Where the transaction is in connection with the dissolution of a civil partnership;
• Where the transaction is in implementation of a will - the exception being where the person acquiring the property gives any consideration (other than the assumption of a secured debt);
• Where the transaction is a variation of a testamentary disposition;
• Interests in the seabed where the transaction relates to land below mean low water mark.

2)  An acquisition of land where the chargeable consideration is less than £40,000;

3)  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 that transaction;

4) The grant of a lease for a period of 7 years or more where any chargeable consideration other than rent is less than £40,000 and where the relevant rent is less than £1,000;

5) The assignation or renunciation of a lease where the lease was originally granted for a period of 7 years or more and where the chargeable consideration for the assignation or renunciation is less than £40,000;

6) The grant of a lease for a period of 7 years where the chargeable consideration does not exceed the nil rate tax band applicable to the transaction;

7) The assignation or renunciation of a lease where said lease was originally granted for a period of less than 7 years and where the chargeable consideration for the assignation or renunciation does not exceed the nil rate tax band applicable to the transaction.