SCHEDULE 41 Stamp Duty Land Tax on Leases
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 41 Stamp Duty Land Tax on Leases

Section 197

Introduction

1

Part 4 of FA 2003 (stamp duty land tax) is amended as follows.

Leases that continue after a fixed term

2

(1)     In Schedule 17A (further provisions about leases), paragraph 3 (leases that continue after a fixed term) is amended as follows.

(2)     In sub-paragraph (3)—

(a)     after “continuation of the lease†insert “for a period (or further period) of one yearâ€, and

(b)     in paragraph (a), for “that term†substitute “that one year periodâ€.

(3)     After that sub-paragraph insert—

“(3A)     But no tax or additional tax is payable in respect of a transaction as a result of the continuation of a lease for a period (or further period) of one year under sub-paragraph (2) if, during that one year period, the tenant under the lease is granted a new lease of the same or substantially the same premises in circumstances where paragraph 9A applies.â€

(4)     After sub-paragraph (3A) insert—

“(3B)     Sub-paragraph (2) is subject to paragraph 3A.â€

(5)     In sub-paragraph (4), for the words from “the day†to the end substitute “the last day of the one year period for

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