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The Stamp Duty Land Tax (Amendment of Part 4 of the Finance Act 2003) Regulations 2004

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Amendment of the Finance Act 2003

4.—(1) Amend Schedule 4 (stamp duty land tax: chargeable consideration) as follows.

(2) In paragraph 5 (consideration in the cases of exchanges)—

(a)in sub-paragraph (6) omit the entry relating to paragraph 17; and

(b)after that sub-paragraph add—

(7) This paragraph does not apply in a case to which paragraph 17 applies..

(3) In paragraph 17 (determining the chargeable consideration arrangements for land transactions involving public or educational bodies)(1)—

(a)in sub-paragraph (1)—

(i)for paragraphs (a) and (b) substitute—

(a)there is a transfer, or the grant or assignment of a lease, of land by a qualifying body (“A”) to a non-qualifying body (“B”) (“the main transfer”),

(b)in consideration (whether in whole or in part) of the main transfer there is a grant by A to B of a lease or under-lease of the whole, or substantially the whole, of that land (“the leaseback”),;

(ii)for the words from “whether or not” to the end substitute—

  • whether or not there is also a transfer, or the grant or assignment of a lease, of any other land by A to B (a “transfer of surplus land”).;

(b)for sub-paragraphs (3) and (4) substitute—

(3) The following shall not count as chargeable consideration for the main transfer or any transfer of surplus land—

(a)the lease-back;

(b)the carrying out of building works by B for A; or

(c)the provision of services by B to A.

(4) The chargeable consideration for the lease back does not include—

(a)the main transfer;

(b)any transfer of surplus land; or

(c)the consideration in money paid by A to B for the building works or other services referred to in sub-paragraph (3).;

(c)for sub-paragraph (5)(b) substitute—

(b)references in sub-paragraph (1) to assignment were references to assignation..

(1)

Paragraph 17 was inserted by regulation 2(5) of S.I. 2003/3293.

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