1208. Assignment of lease, variation of lease and increase of rent for purposes of charge to stamp duty land tax.

In general, if the grant of a lease1 is exempt from charge to stamp duty land tax2, the first assignment of the lease that is not so exempt, and in relation to which the assignee does not acquire the lease as a bare trustee of the assignor, is treated as if it were the grant of a lease by the assignor3. The grant is treated as being for a term equal to the unexpired term of the original lease, and on the same terms as those on which the assignee holds the lease after the assignment4.

In general, where any