Where the special rules (see ¶206-300) apply, the calculation for chargeable consideration is by reference to the market value of the subject-matter at the time of the transfer, and not by what money or moneyʼs worth has actually been passed as consideration.

The formula

The chargeable consideration is taken to be:

MV × (100−SLP)%

where MV is the market value of the interest transferred and

SLP is ‘the sum of the lower proportions’

(Sch. 17, para. 13(1)).

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