SCHEDULES

SCHEDULE 4 U.K.Stamp duty land tax: chargeable consideration

Surrender of existing lease in return for new lease U.K.

14 (1) This paragraph applies where a lease is granted in consideration of the surrender of an existing lease— U.K.

(a) of the same or substantially the same premises,

(b) of which the unexpired term is substantially the same as the term of the new lease, and

(c) on the same or substantially the same terms.

(2) Where this paragraph applies—

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

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