SCHEDULES
SCHEDULE 5Stamp duty land tax: amount of tax chargeable: rent
Treatment of lease for indefinite term
7
(1)
For the purposes of this Schedule a lease for an indefinite term is treated as if it were a lease for a term of 12 years.
(2)
Sub-paragraph (1) applies, in particular, to a lease expressed to be—
(a)
perpetual,
(b)
for life, or
(c)
determinable on the marriage of the lessee.
(3)
No account shall be taken for the purposes of this Schedule of any statutory provision deeming such a lease to be a lease for a longer definite term.