SCHEDULES
F1SCHEDULE 17AFurther provisions relating to leases
Annotations:
Amendments (Textual)
Surrender of existing lease in return for new lease
16
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.
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))