Miscellaneous Provisions: Lease Assignments: Treated as new lease
If the grant of a lease (that is, the original lease) is exempt from charge under any ofthe following
FA03/S57A - sale and leaseback arrangements
FA03/SCH7/PART1 - group relief
FA03/SCH7/PART2 - reconstruction and acquisition relief
FA03/S66 - transfers involving public bodies
FA03/SCH8 - charities relief
FA03/S123(3) - regulations reproducing in relation to stamp duty land tax (SDLT) theeffect of enactments providing for exemption from stamp duty (SI 2003/2867)
then the first assignment of the lease that is not exempt under any of the aboveprovisions is treated as the grant of a lease by the assignor.
Any such deemed grant is treated as being for a term equal to the unexpired term of theoriginal lease and on conditions (for example, rent and review periods) equal to those onwhich the assignee holds that lease after assignment.
Any capital amount paid for the assignment is chargeable in addition to any charge underFA03/SCH17A/PARA11.
FA03/SCH17A/PARA11 does not apply where
* group relief * reconstruction and acquisition relief or * charities relief
This provision will only apply where the initial grant of the lease was or would otherwisehave been subject to SDLT.