Finance Act 2003 (c. 14)

SCHEDULES

[F1 SCHEDULE 17A U.K. Further provisions relating to leases

Textual Amendments

F1 Sch. 17A inserted (1.12.2003) by The Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), reg. 1, Sch. para. 8(2)

Provisions relating to leases in Scotland U.K.

19 (1) In the application of this Part to Scotland— U.K.

(a) any reference to the term of a lease is to the period of the lease, and

(b) any reference to the reversion on a lease is to the interest of the landlord in the property subject to the lease.

(2) Where tax has been paid in respect of a land transaction (“the first transaction”) that involves missives of let in Scotland that constitute a lease, and subsequent to those missives of let a lease is granted (“the second transaction”) which either—

(a) is in conformity with the missives of let, or

(b) relates to substantially the same property and period as the missives of let,

the tax that would otherwise be charged in respect of the second transaction is reduced by the amount of tax paid in respect of the first transaction in respect of the missives of let.]