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”—

    1. a

      in relation to England and Wales, means the register kept under section 1 of the [1925 c. 21.] Land Registration Act 1925;

    2. b

      in relation to Scotland, means the Land Register of Scotland or the General Register of Sasines;

    3. 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;

  • “land registrar”—

    1. 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;

    2. b

      in relation to Scotland, means the Keeper of the Registers of Scotland;

    3. 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.

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.