Chancery Division.

[The appeal against this decision is reported at [1998] BTC 8012.]

Carnwath J.

Judgment delivered 21 June 1996.

Stamp duty – Lease – Taxpayer granted two leases – Lease premiums variable on a contingency to be settled 25 days after execution of lease – Whether premium liable to ad valorem stamp duty – Whether contingency principle applicable – Stamp Act 1891, Sch. 1.

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