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.