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.
Citations:
Times 11-Jan-2000
Statutes:
Jurisdiction:
England and Wales
Stamp Duty
Updated: 04 June 2022; Ref: scu.89649
