Chancery Division.

[The appeal against this decision is reported at [1984] BTC 8016.]

Judgment delivered 11 November 1982.

Stamp duty – Underlease granted for a premium – Premium payable in part on date of execution of lease – Balance of premium payable more than 20 years after execution – Whether duty payable on total amount of premium – Whether premium payable ‘periodically for a definite period exceeding twenty years’ – Stamp Act 1891 – sec. 56.

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