[HMRC press release, 14 May 1999]

The Economic Secretary to the Treasury, Patricia Hewitt, today [14 May 1999] announced that the Inland Revenue have reviewed their practice in relation to the Stamp Duty treatment of new leases under which future rent levels are expressed to be dependent on future movements in an index such as the Retail Prices Index (RPI).

The change in practice, based on recent legal advice, means that in general less Stamp Duty will be payable in these cases. Many people who have paid Stamp Duty on such leases under the current basis will be entitled to a repayment. The new basis takes effect from today [14 May 1999].

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