Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Transaction definition

What does Transaction mean? A transaction describes a legally binding dealing or arrangement by which assets, securities, services or obligations are created, transferred, varied or extinguished, whether as a single step or a series of steps. In practice this includes corporate acquisitions and disposals, real estate conveyancing, lending and taking security, restructurings, derivatives and other commercial dealings. In capital markets, a transaction commonly means the purchase, sale, subscription or underwriting of a particular investment. The term is a descriptive umbrella used across multiple legal contexts rather than a term with a single statutory meaning. Specific legislation, regulatory rules and contracts may define “transaction”...

SDLT Notifiable Transactions: Returns, Effective Date, Substantial Performance and Purchaser Rules (England and Northern Ireland)

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Practice notes

This Practice Note

This Practice Note sets out the actions to take for SDLT once it has been confirmed that a Transaction is chargeable. For an explanation of what a land transaction is, what amounts to acquiring a chargeable Interest, and when a chargeable transaction arises, see Practice Note: Land transactions, chargeable interests and chargeable transactions. For additional guidance on notifying land transactions, see Practice Note: SDLT—administration and compliance. From 1 April 2015, SDLT no longer applied to any land transaction involving interests in or over land in Scotland. From that date, land and buildings transaction tax (LBTT) has applied to those transactions, subject to transitional provisions. As a result, references in this Practice Note to ‘UK land’ or similar expressions, when considering the scope of SDLT, should be interpreted as excluding any interests in or over land in Scotland from 1 April 2015. For more detail, see the LBTT subtopic. From 1 April 2018, SDLT also ceased to apply to any land transaction involving any interest in or over land in Wales. From that date, land transaction tax (LTT) applies to such transactions, subject to transitional provisions...

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Web page updated on 21/05/2026

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