A ‘market rent lease’ is not relevant partnership property for para. 14 purposes if four conditions are met.

(1)No chargeable consideration other than rent has been given for the grant of the lease and there are no arrangements in place at the time of the transfer for any such chargeable consideration to be given.

(2)The rent payable under the lease as granted was a market rent at the time of the grant.

(3)(a) the term of the lease is five years or less or (b) if the term of the lease is more than five years, there is provision for a rent review at least once every five years and the rent payable following a review is required to be market rent at the review date.

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