Stamp Duties Consolidation Act 1999 section 55

Procedure to apply where consideration, etc, cannot be ascertained

Section 55 sets out the rules for charging stamp duty on leases where the rent or other consideration cannot be ascertained at the date of execution.

• Where the rent or non-rent consideration for a lease cannot be ascertained, stamp duty is charged on the market value of whatever element is unascertainable
• Where both rent and non-rent consideration are unascertainable, duty is charged on the notional premium that could be obtained if the rent were nil
• The section effectively overturns the contingency principle as it applies to leases, ensuring that duty is always chargeable even when consideration depends on future events
• The section does not apply to leases of sites combined with building agreements for dwellinghouses or apartments where the consideration is calculated under section 53(4)(a)