There may be a surrender of a lease because the tenant wants a new lease, or the landlord would like the tenant to take a new lease. On the face of it, for SDLT purposes, the grant of the new lease will amount to chargeable consideration for surrender of the old, and, correspondingly, the surrender of the old lease will constitute chargeable consideration for the grant of the new lease.

Where a lease is granted in consideration of the surrender of an existing lease between the same parties:

(a)the grant of the new lease does not count as chargeable consideration for the surrender, and

(b)the surrender does not count as chargeable consideration for the grant of the new lease.

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