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A lease is granted on 1 April 2004 for 25 years (the old lease)

• the date of expiry is 31 March 2029
• rent of 拢144,000 per annum is payable under this old lease
• the net present value (NPV) of the old lease is 拢2,373,337
• stamp duty land tax of 拢22,233 is payable on the rent.

The old lease is surrendered and a new lease is granted on 1 October 2008 for 150 years

• rent of 拢175,000 per annum is payable under this new lease

The overlap period is from 1 October 2008 until 31 March 2029, that is, twenty years and six months

The rent payable under the new lease is 拢175,000

The rent payable under the old lease is 拢144,000. This is the amount included in the first NPV calculation.

The new lease is not a lease with variable rent and so FA03/SCH17A/PARA7 is not in point. The NPV calculation should use rent of 拢31,000 for years 1 to 20 inclusive (being new rent 拢175,000 less old rent 拢144,000), 拢103,000 for year 21 (as the first six months of this year are in the overlap period, comparison is made on a month by month or day by day basis to calculate the overlap relief. In the first six months of this year, the new rent is 拢87,500 less old rent of 拢72,000 to give 拢15,500. In the following six months the rent payable under the new lease is 拢87,500 and there is no overlap. Thus the rent to include in the calculation for year 21 of the new lease is 拢15,500 + 拢87,500 = 拢103,000) and rent of 拢175,000 for years 22 to 150 inclusive to give NPV of 拢2,889,750 and SDLT due of 拢27,397.

The calculator will not cope with this calculation and it should be performed manually.