Paragraph 13 F1

United Kingdom

(1)

Where a lease is varied so as to increase the amount of the rent F2as from a date before the end of the fifth year of the term of the lease, the variation is treated for the purposes of this Part as if it were the grant of a lease in consideration of the additional rent made payable by it.

(2)

Sub-paragraph (1) does not apply to an increase of rent F3in pursuance of—

(a)

a provision contained in the lease, or

(b)

a provision mentioned in F4paragraph (a) or (b) of paragraph 7(4A).

Annotations

Textual amendments

F1: Sch. 17A inserted (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 22(2) (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14) (with Sch. 39 paras. 11, 13(5))
F2: Words in Sch. 17A para. 13(1) inserted (with effect in accordance with Sch. 25 para. 9(4)(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 25 para. 6(2)
F3: Words in Sch. 17A para. 13(2) substituted (with effect in accordance with Sch. 25 para. 9(1)(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 25 para. 2(2)
F4: Words in Sch. 17A para. 13(2)(b) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 27(8) (with s. 29(5)(6)); S.I. 2015/637, art. 2

Notes on Increase of rent treated as grant of new lease: variation of lease in first five years

Textual amendments

F2: Words in Sch. 17A para. 13 heading inserted (with effect in accordance with Sch. 25 para. 9(4)(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 25 para. 6(1)