Part 8Stamp taxes
Stamp duty land tax
164Leases
1
In section 77 of FA 2003 (notifiable transactions), for subsection (2A) substitute—
2A
The assignment of a lease is notifiable if there is chargeable consideration for the assignment and either—
a
the lease is for a term of seven years or more, or
b
the consideration for the assignment is chargeable at a rate of 1% or higher, or would be so chargeable but for a relief.
2
In Schedule 5 to FA 2003 (amount of tax chargeable: rent), in paragraph 3 (net present value of rent payable over term of lease), for “in year i” substitute “
in respect of year i
”
.
3
Subsection (1) has effect in relation to any assignment of which the effective date (within the meaning of Part 4 of FA 2003) is on or after the day on which this Act is passed.
4
Subsection (2) has effect in relation to any lease granted or treated as granted on or after that day.
5
Schedule 25 (amendments of Schedule 17A to FA 2003) has effect.