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[F111(1)This paragraph applies in relation to a transaction to which paragraph 10 applies where the whole or part of the chargeable consideration for the transaction is rent.
[F2(2)Schedule 5 (amount of tax chargeable: rent) has effect with the modifications set out in sub-paragraphs (2A) to (2C).
(2A)In paragraph 2—
(a)for “the net present value of the rent payable over the term of the lease” substitute “ the relevant chargeable proportion of the net present value of the rent payable over the term of the lease ”, and
(b)for “the net present values of the rent payable over the terms of all the leases” substitute “ the relevant chargeable proportions of the net present values of the rent payable over the terms of all the leases ”.
(2B)In paragraph [F39A(6)] —
(a)for “the annual rent” substitute “ the relevant chargeable proportion of the annual rent ”, and
(b)for “the total of the annual rents” substitute “ the relevant chargeable proportion of the total of the annual rents ”.
(2C)For paragraph 9(4) substitute—
“(4)Tax chargeable under this Schedule is in addition to any tax chargeable under section 55 [F4or 74(1A)] [F5or Schedule [F64A or] 6B as they have] effect by virtue of paragraph 10 of Schedule 15.”.
(2D)For the purposes of sub-paragraphs (2A) and (2B) the relevant chargeable proportion is—
where SLP is the sum of the lower proportions.]
(8)Paragraph 12 provides for determining the sum of the lower proportions.
(9)This paragraph is subject to paragraph 13.]
Textual Amendments
F1Sch. 15 Pt. 3 substituted (with effect in accordance with Sch. 41 para. 3 of the amending Act) by Finance Act 2004 (c. 12), Sch. 41 para. 1
F2Sch. 15 para. 11(2)-(2D) substituted for Sch. 15 para. 11(2)-(7) (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 3
F3Word in Sch. 15 para. 11(2B)(a) substituted (with effect in accordance with s. 95(13) of the amending Act) by Finance Act 2008 (c. 9), s. 95(11)(a)
F4Words in Sch. 15 para. 11(2C) inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 9(2)(a)
F5Words in Sch. 15 para. 11(2C) substituted (with effect in accordance with Sch. 22 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 22 para. 8
F6Words in Sch. 15 para. 11(2C) inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 9(2)(b)
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