SCHEDULE 19 S Leases

PART 5 S Chargeable consideration: rent and consideration other than rent

Renunciation of existing lease in return for new lease S

18 (1) Where a lease is granted in consideration of the renunciation of an existing lease between the same parties— S

(a) the grant of the new lease does not count as chargeable consideration for the renunciation, and

(b) the renunciation does not count as chargeable consideration for the grant of the new lease.

(2) Paragraph 5 (exchanges) of schedule 2 (chargeable consideration) does not apply in such a case.

Commencement Information

I1 Sch. 19 para. 18 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2