A lease had been granted with an option to take a further term at a later date. New rules came into effect which imposed higher rates of stamp duty on transactions of the nature granted by the option, but exempted transactions entered into pursuant to a contract made before the operative date.
Held: The grant of the option in the lease was such a contract. It was not that when the option was exercised, the contract came into existence.
Updated: 10 April 2022; Ref: scu.89649