# Finance Act 2011, Paragraph 4


(1) Paragraph 5 of Schedule 4 (chargeable consideration: exchanges) is amended as follows.
(2) In sub-paragraph (3)—
(a) for paragraph (a)(i) and (ii) substitute—
“(i) the amount determined under sub-paragraph (3A) in respect of the acquisition, or
(ii) if greater, the amount which would be the chargeable consideration for the acquisition ignoring paragraph 5;”, and
(b) for paragraph (b)(i) and (ii) substitute—
“(i) the amount determined under sub-paragraph (3A) in respect of that acquisition, or
(ii) if greater, the amount which would be the chargeable consideration for that acquisition ignoring paragraph 5;”.
(3) After that sub-paragraph insert—
“(3A) The amount mentioned in sub-paragraph (3)(a)(i) and (b)(i) is—
(a) the market value of the subject-matter of the acquisition, and
(b) if the acquisition is the grant of a lease at a rent, that rent.”

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Source: https://www.legislation.gov.uk/ukpga/2011/11/schedule/21/paragraph/4 (the official version)
Page: https://openlegislation.uk/finance-act-2011/schedule-21/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.