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Finance Act 2006

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Section 164

SCHEDULE 25U.K.Stamp duty land tax: amendments of Schedule 17A to FA 2003

IntroductionU.K.

1Schedule 17A (stamp duty land tax: further provisions relating to leases) is amended as follows.

Agricultural tenancies variable under statutory provisionsU.K.

2(1)In paragraph 7 (variable or uncertain rent), after sub-paragraph (4) insert—U.K.

(4A)For the purposes of this paragraph and paragraph 8, the cases where the amount of rent payable under a lease is uncertain or unascertained include cases where there is a possibility of that amount being varied under—

(a)section 12, 13 or 33 of the Agricultural Holdings Act 1986,

(b)Part 2 of the Agricultural Tenancies Act 1995,

(c)section 13, 14, 15 or 31 of the Agricultural Holdings (Scotland) Act 1991, or

(d)section 9, 10 or 11 of the Agricultural Holdings (Scotland) Act 2003.

(2)In paragraph 13(2), for the words after “increase of rent” substitute in pursuance of—

(a)a provision contained in the lease, or

(b)a provision mentioned in any of paragraphs (a) to (d) of paragraph 7(4A).

Backdated lease granted to tenant holding overU.K.

3(1)After paragraph 9 insert—U.K.

Backdated lease granted to tenant holding overU.K.

9A(1)This paragraph applies where—

(a)the tenant under a lease continues in occupation after the date on which, under its terms, the lease terminates (“the contractual termination date”),

(b)he is granted a new lease of the same or substantially the same premises, and

(c)the term of the new lease is expressed to begin on or immediately after the contractual termination date.

(2)The term of the new lease is treated for the purposes of this Part as beginning on the date on which it is expressed to begin.

(3)The rent payable under the new lease in respect of any period falling—

(a)after the contractual termination date, and

(b)before the date on which the new lease is granted,

is treated for the purposes of this Part as reduced by the amount of taxable rent that is payable in respect of that period otherwise than under the new lease.

(4)For the purposes of sub-paragraph (3) rent is “taxable” if or to the extent that it is taken into account in determining liability to stamp duty land tax.

(5)Sub-paragraph (3) does not have effect so as to require the rent payable under the new lease to be treated as a negative amount.

(2)In paragraph 7(3), for the words after “but disregard” substitute paragraphs 9(2) and 9A(3) (deemed reduction of rent, where further lease granted, for period during which rents overlap)

Disapplication of “single lease” treatment where agreement for lease followed by grantU.K.

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Sch. 25 para. 4 omitted (with effect in accordance with Sch. 41 para. 8(4) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 41 para. 6(4)

F2F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2Sch. 25 para. 5 omitted (with effect in accordance with Sch. 41 para. 8(4) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 41 para. 6(4)

F3Sch. 25 para. 5 omitted (1.7.2012, 1.4.2015) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 30 (with s. 29(5)(6)); S.I. 2015/637, art. 2

Disapplication of “new lease” treatment for certain rent increases after fifth yearU.K.

6(1)In paragraph 13 (increase in rent treated as grant of new lease: variation of lease), in the heading, after “variation of lease” insert in first five years.U.K.

(2)In sub-paragraph (1) of that paragraph, after “to increase the amount of the rent” insert “ as from a date before the end of the fifth year of the term of the lease ”.

Abnormal rent increase after fifth yearU.K.

F47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4Sch. 25 para. 7 repealed (with effect in accordance with Sch. 41 para. 8(5) of the amending Act) by Finance Act 2013 (c. 29), Sch. 41 para. 7(2)(a)

F58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5Sch. 25 para. 8 repealed (with effect in accordance with Sch. 41 para. 8(5) of the amending Act) by Finance Act 2013 (c. 29), Sch. 41 para. 7(2)(a)

CommencementU.K.

9(1)Paragraph 2 has effect in relation to any lease granted or treated as granted on or after commencement day.U.K.

(2)Paragraph 3 has effect in relation to any case where—

(a)the grant of the old lease was chargeable to stamp duty land tax, and

(b)the new lease is granted on or after commencement day.

“The old lease” and “the new lease” mean the leases referred to in sub-paragraphs (1)(a) and (1)(b), respectively, of paragraph 9A of Schedule 17A to FA 2003 (inserted by paragraph 3).

(3)Paragraphs 4 and 5 have effect in relation to any agreement that is substantially performed on or after commencement day.

(4)Paragraph 6 has effect in relation to any variation of a lease made on or after commencement day.

F6(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)In this paragraph “commencement day” means the day on which this Act is passed.

Textual Amendments

F6Sch. 25 para. 9(5) repealed (with effect in accordance with Sch. 41 para. 8(5) of the amending Act) by Finance Act 2013 (c. 29), Sch. 41 para. 7(2)(a)

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