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:

the carrying-out of works on land (Sch. 2, para. 11); see ¶202-550

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