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20th April 2011 at 9:36 am
#550
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Yes SDLTM30222 is not as clear as it could be. The market value under s53(1A)(a) should reflect any actual rent payable under the lease referred to in (b). So for example if a market value rent is charged there should be little or no additional value to be taxed under (a). To the extent that SDLTM30222 could be read as authorising a market value charge on a notional peppercorn lease and then adding in any rent actually charged, this is incorrect and confusing.