SCHEDULES

SCHEDULE 21Prevention of SDLT avoidance

Exchanges

4

(1)

Paragraph 5 of Schedule 4 (chargeable consideration: exchanges) is amended as follows.

(2)

In sub-paragraph (3)—

(a)

for paragraph (a)(i) and (ii) substitute—

“(i)

the amount determined under sub-paragraph (3A) in respect of the acquisition, or

(ii)

if greater, the amount which would be the chargeable consideration for the acquisition ignoring paragraph 5;”, and

(b)

for paragraph (b)(i) and (ii) substitute—

“(i)

the amount determined under sub-paragraph (3A) in respect of that acquisition, or

(ii)

if greater, the amount which would be the chargeable consideration for that acquisition ignoring paragraph 5;”.

(3)

After that sub-paragraph insert—

“(3A)

The amount mentioned in sub-paragraph (3)(a)(i) and (b)(i) is—

(a)

the market value of the subject-matter of the acquisition, and

(b)

if the acquisition is the grant of a lease at a rent, that rent.”