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Lease or

duty, term, consideration, rent, tack, respect and exceeding

LEASE or TACK— S. d.

(I) For any definite term not exceeding a year— Of any dwelling-house or part of a dwelling-house at a rent not exceeding the rate of Z10 per annum . . 0 0 1 (2) For any definite term less than a year — (a) Of any furnished dwelling house or apartments where the rent for such term exceeds .125 . . . . 0 2 6 (b) Of any lands, tene The same a e duty ya ments, or heritable sub- year at the jects except or other-' h wise than as aforesaid term.

(3) For any other definite term or for any indefinite term : Of any lands, tenements, or heritable subjects— Where the consideration, or any part of the considera tion, moving either to the lessor or to any other person, consists of any money, stock, or security : The same duty In respect of such con- I sideration . • • • i for the a e sa consideration.

Where the consideration or any part of the con sideration is any rent : Leases how to be Charged in Respect of Produce, etc.

" 76. (1) Where the consideration, or any part of the consideration, for which a lease or tack is granted or agreed to be granted, consists of any produce or other goods, the value of the produce or goods is to be deemed a consideration in respect of which the lease or tack or agreement is chargeable with ad valorem duty.

Directions as to Duty in Certain Cases.

"77. (1) A lease or tack, or agreement for a lease or tack, or with respect to any letting, is not to be charged with any duty in respect of any penal rent, or increased rent in the nature of a penal rent, thereby reserved or agreed to be reserved or made payable, or by reason of being made in consideration of the surrender or abandonment of any existing lease, tack, or agreement, of or relating to the same subject matter.

" (2) A lease made for any consideration in respect whereof it is chargeable with ad -calorem duty, and in further consideration either of a covenant by the lessee to make, or of his haying previously made, any sub stantial improvement of or addition to the property demised to him, or of any covenant relating to the matter of the lease, is not to be charged with any duty in respect of such further consideration.

[The Revenue Act, 1909, Section S, enacts that the provisions of this sub-section shall not apply as re spects any further consideration in the lease consisting of a covenant which if it were contained in a separate deed would be chargeable with ad valorem stamp duty, and accordingly the lease shall in any such case be charged with duty in respect of any such further con sideration under Section 4 of the Stamp Act, 1891.]

" (3) No lease for a life or lives not exceed ing three, or for a term of years de terminable with a life or lives not exceeding three, and no lease for a term absolute not exceeding twenty one years, granted by an ecclesi astical corporation aggregate or sole, is to be charged with any higher duty than thirty-five shillings.

" (4) A lease for a definite term exceeding thirty-five years granted under the Trinity College (Dublin) Leasing and Perpetuity Act, 1S51, is not to be charged with any higher duty than would have been chargeable thereon if it had been a lease for a definite term not exceeding thirty five years.

" (5) An instrument whereby the rent reserved by any other instrument chargeable with duty and duly stamped as a lease or tack is in creased is not to be charged with duty otherwise than as a lease or tack in consideration of the addi tional rent thereby made payable.

Duty in Certain Cases may be Denoted by Adhesive Stamp.

" 78. (1) The duty upon an instrument chargeable with duty as a lease or tack of " (a) any dwelling-house, or part of a dwelling-house, for a definite term not exceeding a year at a rent not exceed ing the rate of ten pounds per annum ; or " (b) any furnished dwelling-house or apartments for any defi nite term less than a year ; and upon the duplicate or counter part of any such instrument, may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the instrument is first executed.

" (2) Every person who executes, or pre pares or is employed in preparing, any such instrument (except letters or correspondence) which is not, at or before the execution thereof, duly stamped, shall incur a fine of five pounds." As to the general form of a building lease, see BUILDING LEASE.

In Scotland, an assignment of a lease for thirty-one years and longer, when recorded in the Register of Sasines, forms a legal security ; but, when the term is for a less period, it is necessary that the assignee enter into possession, otherwise the assign ment does not hold good as against creditors. (See TITLE DEEDS.)