118. Treatment of leases for the purposes of stamp duty land tax and VAT.

Except for a tenancy at will (which is exempt)1, a tenancy is a chargeable interest for the purposes of stamp duty land tax2. A licence to use or occupy land is not, however, a chargeable interest3. In the application of the statutory provisions relating to stamp duty land tax4 to a lease5 for a fixed term, no account is to be taken of any contingency as a result of which the lease may determine before the end of the fixed term, or of any right of either party to determine the lease or renew it6. Particular provision is made