The Stamp Duty Land Tax (Amendment of Part 4 of the Finance Act 2003) Regulations 2004

Amendment of the Finance Act 2003

4.—(1) Amend Schedule 4 (stamp duty land tax: chargeable consideration) as follows.

(2) In paragraph 5 (consideration in the cases of exchanges)—

(a) in sub-paragraph (6) omit the entry relating to paragraph 17; and

(b) after that sub-paragraph add—

“(7) This paragraph does not apply in a case to which paragraph 17 applies.”.

(3) In paragraph 17 (determining the chargeable consideration arrangements for land transactions involving public or educational bodies)(1)—

(a) in sub-paragraph (1)—

(i) for paragraphs (a) and (b) substitute—

“(a) there is a transfer, or the grant or assignment of a lease, of land by a qualifying body (“A”) to a non-qualifying body (“B”) (“the main transfer”),

(b) in consideration (whether in whole or in part) of the main transfer there is a grant by A to B of a lease or under-lease of the whole, or substantially the whole, of that land (“the leaseback”),”;

(ii) for the words from “whether or not” to the end substitute—

• “whether or not there is also a transfer, or the grant or assignment of a lease, of any other land by A to B (a “transfer of surplus land”).”;

(b) for sub-paragraphs (3) and (4) substitute—

“(3) The following shall not count as chargeable consideration for the main transfer or any transfer of surplus land—

(a) the lease-back;

(b) the carrying out of building works by B for A; or

(c) the provision of services by B to A.

(4) The chargeable consideration for the lease back does not include—

(a) the main transfer;

(b) any transfer of surplus land; or

(c) the consideration in money paid by A to B for the building works or other services referred to in sub-paragraph (3).”;

(c) for sub-paragraph (5)(b) substitute—

“(b) references in sub-paragraph (1) to assignment were references to assignation.”.

(1)

Paragraph 17 was inserted by regulation 2(5) of S.I. 2003/3293.