Calculation of tax chargeable in respect of rentU.K.
2(1)Tax is chargeable under this Schedule in respect of so much of the chargeable consideration as consists of rent.U.K.
(2)The tax so chargeable is a percentage of the net present value of the rent payable over the term of the lease.
(3)That percentage is determined by reference to whether the relevant land—
(a)consists entirely of residential property (in which case Table A below applies), or
(b)consists of or includes land that is not residential property (in which case Table B below applies),
and, in either case, by reference to the amount of the relevant rental value.
Table A: Residential
| Relevant rental value | Percentage |
|---|---|
| Not more than £60,000 | 0% |
| More than £60,000 | 1% |
Table B: Non-residential or mixed
| Relevant rental value | Percentage |
|---|---|
| Not more than £150,000 | 0% |
| More than £150,000 | 1% |
(4)For the purposes of sub-paragraph (3)—
(a)the relevant land is the land that is the subject of the lease, and
(b)the relevant rental value is the net present value of the rent payable over the term of the lease,
subject as follows.
(5)If the lease in question is one of a number of linked transactions for which the chargeable consideration consists of or includes rent—
(a)the relevant land is any land that is the subject of any of those leases, and
(b)the relevant rental value is the total of the net present values of the rent payable over the terms of those leases.