Finance Act 2003

Time for stamping agreement for lease: lease subject to stamp duty land tax U.K.

8 (1) This paragraph makes provision corresponding to section 240 of the Finance Act 1994 (c. 9) (stamp duty: time for presenting agreement for lease) and applies where— U.K.

(a) an agreement for a lease is entered into before the implementation date,

(b) a lease giving effect to the agreement is executed on or after that date, and

(c) the transaction effected on completion is an SDLT transaction or would be but for an exemption or relief from stamp duty land tax.

(2) If in those circumstances—

(a) the lease is produced when the agreement is presented for stamping, and

(b) the duty (if any) chargeable on the agreement is paid,

sections 15A and 15B of the Stamp Act 1891 (c. 39) (interest and penalty on late stamping) apply in relation to the agreement as if it had been executed on the date on which the lease was executed.

(3) For the purposes of this paragraph a lease gives effect to an agreement if the lease either is in conformity with the agreement or relates to substantially the same property and term as the agreement.

(4) References in this paragraph to an agreement for a lease include missives of let in Scotland.

Commencement Information

I1 Sch. 19 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)