Where there is no chargeable consideration for a transaction, the transaction is exempt from SDLT (Sch. 3, para. 1).

Transactions will be exempt even where there is consideration, provided it is not chargeable consideration (see ¶40-000ff.). There are some instances where the legislation deems the consideration to be the market value of the chargeable interest (for example: exchanges where the market value exceeds the consideration, where the purchaser is a company connected with the vendor, partnership transactions within Sch. 15, Part 3, and certain transactions where the consideration is the release of a debt).

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