SCHEDULES
SCHEDULE 39Stamp duty land tax and stamp duty
Part 2Re-enactment, with changes, of amendments made by section 109 regulations
Relief for sale and leaseback arrangements
16
After section 57 (disadvantaged areas relief) insert—
57ASale and leaseback arrangements
1
The leaseback element of a sale and leaseback arrangement is exempt from charge if the qualifying conditions specified below are met.
2
A “sale and leaseback”arrangement means an arrangement under which—
a
A transfers or grants to B a major interest in land (the “sale”), and
b
out of that interest B grants a lease to A (the “leaseback”).
3
The qualifying conditions are—
a
that the sale transaction is entered into wholly or partly in consideration of the leaseback transaction being entered into,
b
that the only other consideration (if any) for the sale is the payment of money or the assumption, satisfaction or release of a debt (or both),
c
that the sale is not a transfer of rights within the meaning of section 45 (contract and conveyance: effect of transfer of rights) or 45A (contract providing for conveyance to third party: effect of transfer of rights), and
d
where A and B are both bodies corporate at the effective date of the leaseback transaction, that they are not members of the same group for the purposes of group relief (see paragraph 1 of Schedule 7) at that date.
4
In this section—
“debt” means an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date; and
“money” means money in sterling or another currency.