Part IVStamp duty and Stamp duty reserve tax
Stamp duty
128Surrender of leases
1
Where a lease is or has been surrendered or, in Scotland, renounced at any time, a document evidencing the surrender or renunciation shall be treated for the purposes of stamp duty as if it were a deed executed at that time effecting the surrender or renunciation.
2
Stamp duty shall be chargeable by virtue of subsection (1) on a document containing a statutory declaration, notwithstanding anything in rule 316(1) of the [S.R.&O. 1925/1093.] Land Registration Rules 1925 or any other provision of those Rules or of any other rules (whenever made) under section 144 of the [1925 c. 21.] Land Registration Act 1925.
3
Stamp duty shall not be chargeable by virtue of subsection (1) on any lease or agreement for a lease or with respect to any letting if the lease or agreement—
a
is made in consideration of the surrender or renunciation; and
b
relates to the same subject matter as the lease surrendered or renounced.
4
Stamp duty shall not be chargeable by virtue of subsection (1) on any document if a document falling within subsection (5) has been duly stamped.
5
The documents that fall within this subsection are—
a
a deed effecting the surrender or renunciation;
b
an agreement which falls to be treated for the purposes of stamp duty as if it were such a deed;
c
any document which falls to be so treated by virtue of subsection (1); and
d
any lease or agreement falling within subsection (3).
6
A land registrar shall regard a document which by virtue of subsection (4) is not chargeable to stamp duty by virtue of subsection (1) as not duly stamped unless—
a
it is stamped as if it were a deed effecting the surrender or renunciation; or
b
it appears by some stamp impressed on it that the full and proper duty chargeable on such a deed has been paid on another document; or
c
it appears by some stamp impressed on it that a lease or agreement falling within subsection (3) has been duly stamped; or
d
the land registrar is aware of a document falling within subsection (5) which has been duly stamped.
7
The documents which evidence the surrender or renunciation of a lease shall be taken to include an application, in consequence of the surrender or renunciation of the lease, for—
a
the making in a land register, or
b
the removal from a land register,
of an entry relating to the lease.
8
In this section—
“land register”—
- a
in relation to England and Wales, means the register kept under section 1 of the [1925 c. 21.] Land Registration Act 1925;
- b
in relation to Scotland, means the Land Register of Scotland or the General Register of Sasines;
- c
in relation to Northern Ireland, means the register maintained under section 10 of the [1970 c. 18 (N.I.)] Land Registration Act (Northern Ireland) 1970;
- a
“land registrar”—
- a
in relation to England and Wales, means the Chief Land Registrar or any other officer of Her Majesty’s Land Registry exercising functions of the Chief Land Registrar;
- b
in relation to Scotland, means the Keeper of the Registers of Scotland;
- c
in relation to Northern Ireland, means the Registrar of Titles or any other official of the Land Registry exercising functions of the Registrar of Titles.
- a
9
This section shall be construed as one with the [1891 c. 39.] Stamp Act 1891.
10
This section applies to documents relating to the surrender or renunciation of a lease after the day on which this Act is passed.