SCHEDULE 19Leases

PART 5Chargeable consideration: rent and consideration other than rent

Reverse premium

14

(1)

In the case of the grant, assignation or renunciation of a lease a reverse premium does not count as chargeable consideration.

(2)

A “ reverse premium ” means—

(a)

in relation to the grant of a lease, a premium moving from the landlord to the tenant,

(b)

in relation to the assignation of a lease, a premium moving from the assignor to the assignee,

(c)

in relation to the renunciation of a lease, a premium moving from the tenant to the landlord.