Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11)

SCHEDULE 19 Leases

PART 5 Chargeable consideration: rent and consideration other than rent

Renunciation of existing lease in return for new lease

18 (1) Where a lease is granted in consideration of the renunciation of an existing lease between the same parties—

(a) the grant of the new lease does not count as chargeable consideration for the renunciation, and

(b) the renunciation does not count as chargeable consideration for the grant of the new lease.

(2) Paragraph 5 (exchanges) of schedule 2 (chargeable consideration) does not apply in such a case.