Paragraph 4

England, Wales and Scotland

(1)

A disposal, whether of the whole or part of the house, is a relevant disposal for the purposes of this Schedule if it is—

(a)

a conveyance of the freehold or an assignment of the lease, or

(b)

the grant of a lease or sub-lease (other than a mortgage term) for a term of more than 21 years otherwise than at a rack rent.

(2)

For the purposes of sub-paragraph (1)(b) it shall be assumed—

(a)

that any option to renew or extend a lease or sub-lease, whether or not forming part of a series of options, is exercised, and

(b)

that any option to terminate a lease or sub-lease is not exercised.

Notes on Schedule 2

F1: Sch. 2 repealed (1.10.1996) by 1996 c. 52, s. 227, Sch. 19 Pt. I; S.I. 1996/2402, art. 3 (subject to transitional provisions and savings in Sch.)