SCHEDULES
SCHEDULE 4Stamp duty land tax: chargeable consideration
Exchanges
5
1
This paragraph applies to determine the chargeable consideration where one or more land transactions are entered into by a person as purchaser (alone or jointly) wholly or partly in consideration of one or more other land transactions being entered into by him (alone or jointly) as vendor.
2
In this paragraph—
a
“relevant transaction” means any of those transactions, and
b
“relevant acquisition” means a relevant transaction entered into as purchaser and “relevant disposal” means a relevant transaction entered into as vendor.
3
The following rules apply if the subject-matter of any of the relevant transactions is a major interest in land—
a
where a single relevant acquisition is made, the chargeable consideration for the acquisition is—
F5i
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;
b
where two or more relevant acquisitions are made, the chargeable consideration for each relevant acquisition is—
F6i
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;
F43A
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.
4
The following rules apply if the subject-matter of none of the relevant transactions is a major interest in land—
a
where a single relevant acquisition is made in consideration of one or more relevant disposals, the chargeable consideration for the acquisition is the amount or value of any chargeable consideration other than the disposal or disposals that is given for the acquisition;
b
where two or more relevant acquisitions are made in consideration of one or more relevant disposals, the chargeable consideration for each relevant acquisition is the appropriate proportion of the amount or value of any chargeable consideration other than the disposal or disposals that is given for the acquisitions.
5
For the purposes of sub-paragraph (4)(b) the appropriate proportion is—
where—
MV is the market value of the subject-matter of the acquisition for which the chargeable consideration is being determined, and
TMV is the total market value of the subject-matter of all the relevant acquisitions.
6
F17
This paragraph does not apply in a case to which paragraph 17 applies.