SCHEDULE 7PARTNERSHIPS

PART 10INTERPRETATION

Market value of leases

50

(1)

This paragraph applies in relation to a lease for the purposes of this Schedule if—

(a)

the grant of the lease is or was a transaction to which paragraph 13 applies or applied (or a transaction to which paragraph 13 would have applied if that paragraph had been in force at the time of the grant), or

(b)

the grant of the lease is a transaction to which paragraph 21 applies.

(2)

In determining the market value of the lease, an obligation of the tenant under the lease is to be taken into account if (but only if)—

(a)

it is an obligation such as is mentioned in paragraph 16(1) of Schedule 6 (tenant's obligations that do not count as chargeable consideration), or

(b)

it is an obligation to make a payment to a person.