SDLTM15020 – Variation of leases: Reducing the rent payable


Where a lease is varied so that the rent is reduced, the variation is treated under FA03/SCH17A/PARA15A(1) as the acquisition of a chargeable interest by the tenant.

As the tenant already has a major interest (the lease), a land transaction return is only required if the variation is for chargeable consideration exceeding the relevant threshold.