(a) before the commencement day, stamp duty under the repealed Act was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.
(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.
(3)
Subsection (4) applies if—
(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the repealed Act was chargeable or paid on a lease; and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.
(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.
