A land transaction is an exempt transaction if there is no chargeable consideration for the transaction (Sch. 1, para. 1). For example, take the settlement of a piece of land into trust. The land itself is a chargeable interest, but because no chargeable consideration is given for the transaction, the transaction is rendered an exempt transaction for LBTT purposes.
For what constitutes ‘chargeable consideration’ , see from ¶202-000. Certain amounts of consideration are to be disregarded for the purpose of determining what is chargeable consideration, for example: