Part 4

Stamp duty land tax

Land transactions

Exchanges
47
1
Where a land transaction is entered into by the purchaser (alone or jointly) wholly or partly in consideration of another land transaction being entered into by him (alone or jointly) as vendor, this Part applies in relation to each transaction as if each were distinct and separate from the other.
2
A transaction is treated for the purposes of this Part as entered into by the purchaser wholly or partly in consideration of another land transaction being entered into by him as vendor in any case where an obligation to give consideration for a land transaction that a person enters into as purchaser is met wholly or partly by way of that person entering into another transaction as vendor.
3
As to the amount of the chargeable consideration in the case of exchanges and similar transactions, see—
- paragraphs 5 and 6 of Schedule 4 (exchanges, partition etc), and
- section 58 (relief for certain exchanges of residential property).