1216. Annuities etc: chargeable consideration limited to 12 years' payments.

Where so much of the chargeable consideration for a land transaction consists of an annuity1 payable:

  1.  

    (1)     for life; or

  2.  

    (2)     in perpetuity; or

  3.  

    (3)     for an indefinite period; or

  4.  

    (4)     for a definite period exceeding 12 years2,

the consideration to be taken into account, for the purposes of the stamp duty land tax provisions