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Finance Act 2003
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Changes over time for: Paragraph 19
Version Superseded: 01/07/2012
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- 22/07/2004- Amendment
- 19/07/2006- Amendment
- 07/12/2007
Point in time - 01/07/2012- Amendment
- 17/07/2013- Amendment
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Point in time view as at 07/12/2007.
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Finance Act 2003, Paragraph 19 is up to date with all changes known to be in force on or before 23 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F119(1)In the application of this Part to Scotland—U.K.
(a)any reference to the term of a lease is to the period of the lease, and
(b)any reference to the reversion on a lease is to the interest of the landlord in the property subject to the lease.
(2)Where in Scotland there is a lease constituted by concluded missives of let (“the first lease”) and at some later time a lease is executed (“the second lease”)—
(a)the first lease is treated as if it were surrendered at that time, and
(b)the second lease is treated for the purposes of paragraph 9 (rent for overlap period in case of grant of further lease) as if it were granted in consideration of that surrender.
[F2Paragraph 5 does not apply so as to treat the first lease and the second lease as a single lease.]
(3)Where in Scotland—
(a)there is an agreement (including missives of let not constituting a lease) under which a lease is to be executed, and
(b)the agreement is substantially performed without a lease having been executed,
the agreement is treated as if it were the grant of a lease in accordance with the agreement (“the notional lease”), beginning with the date of substantial performance.
The effective date of the transaction is when the agreement is substantially performed.
(4)Where sub-paragraph (3) applies and at some later time a lease is executed—
(a)the notional lease is treated as if it were surrendered at that time, and
(b)the lease itself is treated for the purposes of paragraph 9 as if it were granted in consideration of that surrender.
[F3Paragraph 5 does not apply so as to treat the notional lease and the lease itself as a single lease.]
(5)References in sub-paragraphs (2) to (4) to the execution of a lease are to the execution of a lease that either is in conformity with, or relates to substantially the same property and period as, the missives of let or other agreement.
(6)Where sub-paragraph (3) applies and the agreement is (to any extent) afterwards rescinded or annulled, or is for any other reason not carried into effect, the tax paid by virtue of that sub-paragraph shall (to that extent) be repaid by the Inland Revenue.
Repayment must be claimed by amendment of the land transaction return made in respect of the agreement.]
Textual Amendments
F1Sch. 17A inserted (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 22(2) (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14) (with Sch. 39 paras. 11, 13(5))
F2Words in Sch. 17A para. 19(2) inserted (with effect in accordance with Sch. 25 para. 9(3)(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 25 para. 5(1)
F3Words in Sch. 17A para. 19(4) inserted (with effect in accordance with Sch. 25 para. 9(3)(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 25 para. 5(2)
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