sec.531Credit allowed for particular leases

### sec.531 Credit allowed for particular leases Subsection (2) applies if— before the commencement day, stamp duty under the repealed Act was chargeable or paid on an agreement for lease; and a lease that is in substantial conformity with the agreement is entered into on or after the commencement day; and on the exercise of an option for a further period contained in the lease, a new lease is entered into. For assessing lease duty imposed on the new lease, a credit must be allowed for stamp duty paid on the lease mentioned in subsection (1)(b) for the option period. Subsection (4) applies if— before the commencement day, stamp duty under the repealed Act was chargeable or paid on a lease; and on the exercise of an option for a further period contained in the lease, a new lease is entered into on or after the commencement day. For assessing lease duty imposed on the new lease, a credit must be allowed for stamp duty paid on the lease mentioned in subsection (3)(a) for the option period. s 531 amd 2002 No. 65 s 40 (retro) (sec.531-ssec.1) Subsection (2) applies if— before the commencement day, stamp duty under the repealed Act was chargeable or paid on an agreement for lease; and a lease that is in substantial conformity with the agreement is entered into on or after the commencement day; and on the exercise of an option for a further period contained in the lease, a new lease is entered into. (sec.531-ssec.2) For assessing lease duty imposed on the new lease, a credit must be allowed for stamp duty paid on the lease mentioned in subsection (1)(b) for the option period. (sec.531-ssec.3) Subsection (4) applies if— before the commencement day, stamp duty under the repealed Act was chargeable or paid on a lease; and on the exercise of an option for a further period contained in the lease, a new lease is entered into on or after the commencement day. (sec.531-ssec.4) For assessing lease duty imposed on the new lease, a credit must be allowed for stamp duty paid on the lease mentioned in subsection (3)(a) for the option period. - (a) before the commencement day, stamp duty under the repealed Act was chargeable or paid on an agreement for lease; and - (b) a lease that is in substantial conformity with the agreement is entered into on or after the commencement day; and - (c) on the exercise of an option for a further period contained in the lease, a new lease is entered into. - (a) before the commencement day, stamp duty under the repealed Act was chargeable or paid on a lease; and - (b) on the exercise of an option for a further period contained in the lease, a new lease is entered into on or after the commencement day.