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Is the surrender of an existing lease for the grant of a new lease an exchange for SDLT?

I was reading your note regarding linked transactions and it states that "With effect from 19 July 2007, exchange transactions cannot be linked transactions".

I have been unable to find other references to "exchange transactions". Does this refer to a simple exchange of one property for another, or does it also include e.g. a surrender and regrant of a lease.

Thanks in advance.

Anonymous (Private practice)

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