(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.