.png)
.png)
Paragraphs 16 and 23 of Schedule 13 to the Finance Act 1999 create events requiring documents to be stamped £5 in circumstances in which 'reverse' consideration is given. Practitioners will be familiar with this concept in a VAT context, but may perhaps not have given too much thought to the stamp duty position.
Paragraphs 16 and 23 of Schedule 13 to the Finance Act 1999 create events requiring documents to be stamped £5 in circumstances in which 'reverse' consideration is given. Practitioners will be familiar with this concept in a VAT context but may perhaps not have given too much thought to the stamp duty position.
Where a tenant who wishes to move is locked into a lease granted in the 1980s with an upwards only rent review clause he is likely either to have to pay the landlord to accept a surrender or to pay an assignee to take over the responsibility for the over-rent. Neither of these transactions constitutes a 'sale' with the result that value certification cannot be made and a fixed duty situation arises.
But if the transactions were restructured in the manner which has been normal for VAT pending the outcome...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
