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Remission of ABSD for instruments extending terms of State leases

Stamp Duties (Non-Licensed Housing Developers) (Remission of ABSD) Rules 2015

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—(1) Where —(a) an amount of ABSD is remitted under rule 3 on a State lease of residential property for a fixed term, the lessee of which is a company which is granted the State lease for the purpose of a housing development on it by the company; and(b)an instrument is executed, before the expiry of the State lease and on or after 16 December 2015, conveying to that company an extension of the term of the State lease but without any expansion or excision of the area of land to which the State lease relates, and the extension is not attributable to any option in the State lease,there is to be remitted the prescribed amount of the ABSD (as defined in rule 3(1A)) that is chargeable on the instrument mentioned in sub-paragraph (b).(2) The remission under this rule is subject to the satisfaction of all of the conditions for the remission of the ABSD on the State lease under rule 3(2).(3) In paragraph (1)(a), duty is treated as remitted under rule 3 even if it subsequently becomes recoverable under section 74(6) of the Act.

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