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)()—
(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—
(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.”.