4(1)Paragraph 5 of Schedule 4 (chargeable consideration: exchanges) is amended as follows.
(2)In sub-paragraph (3)—
(a)for paragraph (a)(i) and (ii) substitute—
“(i)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;”, and
(b)for paragraph (b)(i) and (ii) substitute—
“(i)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;”.
(3)After that sub-paragraph insert—
“(3A)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.”