These Regulations amend Schedule 4 (chargeable consideration for the purposes of stamp duty land tax) and Schedule 17A (further provisions relating to leases) to the Finance Act 2003 (c. 14) to provide that certain amounts do not count as chargeable consideration for the purposes of stamp duty land tax.

Regulation 1 provides for the citation, commencement and effect of the instrument.

Regulation 2 introduces the amendments.

Regulation 3 amends Schedule 4 in relation to land transactions where the purchaser bears any inheritance tax, capital gains tax or costs of enfranchisement.

Regulation 4 amends Schedule 17A in relation to the grant of leases where the tenant bears the costs of the grant and where the lease includes a covenant that any payment entitlement pursuant to Council Regulation (EC) No 1782/2003 (establishing common rules for direct support under the common agricultural policy and establishing certain support schemes for farmers) be transferred to the landlord on the termination of the lease.

These Regulations do not impose any new costs on business.