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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—
(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.”.
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