SCHEDULE 7PARTNERSHIPS
PART 10INTERPRETATION
Market value of leases
I150
1
This paragraph applies in relation to a lease for the purposes of this Schedule if—
a
the grant of the lease is or was a transaction to which paragraph 13 applies or applied (or a transaction to which paragraph 13 would have applied if that paragraph had been in force at the time of the grant), or
b
the grant of the lease is a transaction to which paragraph 21 applies.
2
In determining the market value of the lease, an obligation of the tenant under the lease is to be taken into account if (but only if)—
a
it is an obligation such as is mentioned in paragraph 16(1) of Schedule 6 (tenant's obligations that do not count as chargeable consideration), or
b
it is an obligation to make a payment to a person.