SCHEDULES
SCHEDULE 13 Stamp duty: instruments chargeable and rates of duty
C1C2Part II Lease
Sch. 13 Pt. II modified (retrospective to 28.3.2000 and with effect as mentioned in s. 121(10)(11) of the amending Act) by 2000 c. 17, s. 121(2)(10)-(12)
Sch. 13 Pt. II amended (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 1(1); S.I. 2001/3748, art. 2
Sch. 13 Pt. II excluded (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92(1); S.I. 2001/3748, art. 2
Rates of duty
12
1
In the case of a lease of land for any other definite term, or for an indefinite term, the duty is determined as follows.
2
If the consideration or part of the consideration moving to the lessor or to any other person consists of any money, stock, security or other property, the duty in respect of that consideration is the same as that on a conveyance on a sale for the same consideration.
But if—
a
part of the consideration is rent, and
b
that rent exceeds £600 a year,
the duty is calculated as if paragraph 1 of the Table in paragraph 4 of this Schedule were omitted.
3
If the consideration or part of the consideration is rent, the duty in respect of that consideration is determined by reference to the rate or average rate of the rent (whether reserved as a yearly rent or not), as follows.
1. | Term less than 7 years or indefinite— (a) if the rent is £500 or less (b) if the rent is more than £500 | Nil 1% |
2. | Term more than 7 years but not more than 35 years | 2% |
3. | Term more than 35 years but not more than 100 years | 12% |
4. | Term more than 100 years | 24% |
Sch. 13 Pt. II excluded (28.7.2000 with effect as mentioned in s. 130(10) of the amending Act) by 2000 c. 17, s. 130(1)(10)