SCHEDULE 6LEASES

PART 3RENT AND OTHER CONSIDERATION

17Surrender of existing lease in return for new lease

1

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.

2

Paragraph 5 (exchanges) of Schedule 4 (chargeable consideration) does not apply in such a case.