Where a part or the whole of the consideration for a land transaction takes the form of a debt:

and either the buyer receives the subject-matter of the transfer as part or full satisfaction or release of a debt due to the buyer, or owed by the seller

or the buyer assumes the responsibility of an existing debt.

the amount of debt satisfied, released or assumed is taken as the whole or as a part, as the case may be, of the chargeable consideration (Sch. 2, para. 8(1)).

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