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22(1)For the purposes of this Act (except section 30 (notifiable transactions))—
(a)a lease for an indefinite term is treated in the first instance as if it were a lease for a fixed term of 1 year,
(b)if the lease continues after the end of the term resulting from the application of paragraph (a), it is treated as if it were a lease for a fixed term of 2 years,
(c)if the lease continues after the end of the term resulting from the application of paragraph (b), it is treated as if it were a lease for a fixed term of 3 years,
and so on.
(2)In a case where no land transaction return or any other return has been made in relation to the transaction, where the effect of sub-paragraph (1) in relation to the continuation of the lease after the end of a deemed fixed term is that the transaction becomes notifiable—
(a)the buyer must make a return in respect of that transaction before the end of the period of 30 days after the end of that term,
(b)the return must include an assessment of the tax that, on the basis of the information contained in the return, is chargeable in respect of the transaction, and
(c)the tax so chargeable is to be calculated by reference to the tax rates and tax bands in force at the effective date of the transaction.
(3)For the purposes of section 30 (notifiable transactions) a lease for an indefinite term is a lease for a term of less than 7 years.
(4)References in this paragraph to a lease for an indefinite term include an interest or right terminable by a period of notice or by notice at any time.
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