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Paragraph 16 F1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Where a lease is granted in consideration of the surrender of an existing lease between the same parties—

(a)

the grant of the new lease does not count as chargeable consideration for the surrender, and

(b)

the surrender does not count as chargeable consideration for the grant of the new lease.

Paragraph 5 (exchanges) of Schedule 4 (chargeable consideration) does not apply in such a case.

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))