SCHEDULES
SCHEDULE 19

Stamp duty land tax: commencement and transitional provisions

Exercise of option or right of pre-emption acquired before implementation date
9
1
This paragraph applies where—
a
an option binding the grantor to enter into a land transaction, or
b
a right of pre-emption preventing the grantor from entering into, or restricting the right of the grantor to enter into, a land transaction,
is acquired before the implementation date and exercised on or after that date.
2
Where the option or right was acquired on or after 17th April 2003, any consideration for the acquisition is treated as part of the chargeable consideration for the transaction resulting from the exercise of the option or right.
3
Where the option or right was varied on or after 17th April 2003 and before the implementation date, any consideration for the variation is treated as part of the chargeable consideration for the transaction resulting from the exercise of the option or right.
4
Whether or not sub-paragraph (2) or (3) applies, the acquisition of the option or right and any variation of the option or right is treated as linked with the land transaction resulting from the exercise of the option or right.
But not so as to require the consideration for the acquisition or variation to be counted twice in determining the rate of tax chargeable on the land transaction resulting from the exercise of the option or right.
5
Where this paragraph applies any ad valorem stamp duty paid on the acquisition or variation of the option or right shall go to reduce the amount of tax payable on the transaction resulting from the exercise of the option or right (but not so as to give rise to any repayment).
Sch. 19 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)