Section 51 Leases how to be charged in respect of produce, etc.

Summary

This section sets out how a lease is to be stamped if the consideration, or part of the consideration, consists of produce or other goods.

Details

(1) Where the consideration, or part of the consideration, for a lease or agreement to lease consists of any produce or other goods the value of that produce or those goods will constitute all, or part, of the consideration.

Where—

• (2) the value of the produce or goods is stated to amount at least to, or is not to exceed, a given sum, or
• the lessee is to pay or has the option of paying at a permanent rate of conversion,

then the value of the produce or goods is to be assessed at the given sum or according to the permanent rate.

(3) Where the value of the produce or goods is stated in the lease or agreement to lease and the instrument is stamped in accordance with that stated value then the instrument is deemed to be duly stamped unless or until it is shown that the statement is incorrect and that the lease or agreement to lease is insufficiently stamped.

Relevant Date: Finance Act 2014