SCHEDULES
SCHEDULE 21

Prevention 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.