Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw1)

SCHEDULE 6 LEASES

PART 3 RENT AND OTHER CONSIDERATION

Surrender of existing lease in return for new lease

17 (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.