51Grant of certain Crown leases on surrender of

51 Grant of certain Crown leases on surrender of development leases (1) Duty under this chapter is not payable on the grant of a Crown lease (the new lease) on the surrender of a development lease if— (a) the new lease is granted to the person who was the lessee under the development lease at the time of its surrender; and

(b) the whole of the land comprised in the new lease is land that was comprised in the development lease. (2) If— (a) a Crown lease (the new lease) is granted on the surrender of a development lease; and (b) the new lease is granted to the person who was the lessee under the development lease at the time of its surrender; and (c) only part of the land comprised in the new lease is land that was comprised in the development lease; the duty payable on the new lease is the amount of duty that would have been payable on the new lease under part 2.3 less the amount of duty that would have been payable under part 2.3 on the grant of a Crown lease over the land that was comprised in the development lease, if the Crown lease had been granted on the same terms as the new lease. (3) This section applies to a declared land sublease as if it were a Crown development lease means a Crown lease or declared land sublease that is expressed to be granted for the purpose of developing the land comprised in the lease or sublease for subdivision and resale.