•A transfers or grants to B a major interest in land, (the sale), and
•out of that interest B grants a lease to A (the leaseback).
As this transaction is an exchange, both parts of the transaction are, under the provisions of section 47 Finance Act 2003, chargeable on the greater of either the market value of the interests transferred or the consideration given (see SDLTM04020). However, where all the conditions of S57A (3) are met, the leaseback element will be exempt. These conditions are: