Term of a lease: Leases for an indefinite term: Initial treatment
All leases for an indefinite term are treated initially for the purposes of stamp dutyland tax (SDLT) as being for a fixed term of one year, under the provisions ofFA03/SCH17A/PARA4(1)(a). This is regardless of any other statutory provision treating thelease as being for any other term.
Therefore notification of such a lease will only be required initially if there is SDLT topay on either or both of the rent and other consideration – for details refer to SDLTM12010. Where a lease for an indefinite term continuesbeyond the initial notional one-year term, refer to SDLTM14070 forthe SDLT treatment.