Five-year rent reviews and SDLT: what this archived HMRC page means
In short
The supplied HMRC page is archived and contains no example. It directs readers to SDLTM13165.
- Check the review clause and its dates.
- The special rule has strict conditions.
- Verify the replacement guidance and current law.
Scroll down for the full analysis.
Read the original guidance here:
Five-year rent reviews and SDLT: what this archived HMRC page means
Five-year rent reviews and SDLT
Although this archived HMRC page says its former example has moved to SDLTM13165, it does not contain that example or replacement details here. This absence matters. When a rent review takes place, it can affect stamp duty on a lease.
What this rule is about
For SDLT, the calculation follows the rent’s value across the lease term, rather than simply taking one year’s rent, even where later rent is unknown. This distinction matters.
Variable rent needs a special approach. A review may mean the later rent is unknown when the lease starts.
What the official source says
Although HMRC’s archived manual page directs readers only to SDLTM13165, it supplies no figures, lease terms or worked result that readers can reproduce here themselves. Nothing more appears there.
- This page is archived.
- Its former example has moved to SDLTM13165.
- No replacement example was included in the supplied material.
For some first reviews, the legislation has a narrow rule. It can treat the first five-year period as ending on the review date instead.
- To qualify, the lease must allow the rent to be adjusted.
- For the first, or only, adjustment, the amount must be uncertain.
- Express the review date as five years after a stated date.
- That stated date must fall within three months before the lease starts.
What this means in practice
If every condition is met, the review date replaces the usual end point for the first five years. A few months can therefore matter. It is not enough that a review happens near year five.
- Read the review clause closely.
- Check the lease start date.
- Check the stated date used for the five-year period.
How to analyse it
Start with the lease wording, then test the dates. Do not rely on the heading “five-year review”.
- Is the rent variable or unknown?
- Is this the first review?
- Is the new amount uncertain before the review?
- Does the stated date meet the three-month timing test?
Example
This source cannot safely provide a worked example. No example appears on the archived page, and the supplied material omits the replacement page. Inventing figures or dates would risk changing the result.
Why this can be difficult in practice
Key dates may sit in different documents. A rent review may look fixed at first glance while a later event, occurring under the lease wording, determines the amount that ultimately applies. Check the trigger.
- A review near year five does not automatically qualify.
- Exact wording of the stated date matters.
- HMRC’s manual note is guidance, not the law itself.
Key takeaways
- This HMRC page is only an archived signpost.
- Check the replacement example separately.
- Precise review timing governs the special rule.
Technical analysis
For advisers, and for anyone who wants to check the law behind this page. You do not need this section to understand the guidance above.
Legislation
- FA 2003 Schedule 5 para 2 — tax calculation on rent paid under leases
- FA 2003 Schedule 5 para 3 — net present value calculation for lease rent
- FA 2003 Schedule 17A para 7 — treatment of variable or uncertain lease rent
- FA 2003 Schedule 17A para 7A — special timing rule for first rent reviews
Official guidance
The pages below are HMRC’s guidance. Guidance is not law. It sets out how HMRC reads the legislation, and it is not binding on you, on a tribunal or on a court. Where guidance and the legislation differ, the legislation wins. HMRC can also change or withdraw guidance, and it may not cover your facts.
Where this is not settled
- This archived page gives no facts, figures or calculation from its former example.
- The current wording and status of the replacement HMRC page need checking before publication.
Evidence you would need
This kind of case is decided on the facts of the individual property. These are the records that usually settle it, and the ones an adviser would ask you for.
- The lease start date and the date from which the review is expressed to run.
- The wording of the first rent-review clause.
- The rent figures or method needed for the SDLT calculation.
Explore this with an AI
Readers often want to test their own situation. Copy the prompt below into ChatGPT, Claude or Gemini. It hands the model the actual legislation for this page rather than letting it answer from memory, and tells it to be explicit about what is uncertain. What comes back is information, not advice – check it against the links above.
I am researching UK Stamp Duty Land Tax (SDLT), which applies in England and Northern Ireland. MY QUESTION Five-year rent reviews and SDLT: what this archived HMRC page means [Replace this with your own situation: what you are buying, the price, the dates, who the buyer is, and what you plan to do with the property.] THE LAW THIS TURNS ON - FA 2003 Schedule 5 para 2 - tax calculation on rent paid under leases https://www.legislation.gov.uk/ukpga/2003/14/schedule/5/paragraph/2/2025-11-17 - FA 2003 Schedule 5 para 3 - net present value calculation for lease rent https://www.legislation.gov.uk/ukpga/2003/14/schedule/5/paragraph/3/2025-11-17 - FA 2003 Schedule 17A para 7 - treatment of variable or uncertain lease rent https://www.legislation.gov.uk/ukpga/2003/14/schedule/17A/paragraph/7/2025-11-17 - FA 2003 Schedule 17A para 7A - special timing rule for first rent reviews https://www.legislation.gov.uk/ukpga/2003/14/schedule/17A/paragraph/7A/2025-11-17 Guidance page from HMRC on this topic (guidance, not law): https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm13170 HOW I WANT YOU TO ANSWER 1. Work from the legislation above. Read it before answering. Guidance from HMRC is its view of the law, not the law, and does not bind a tribunal or a court. 2. Tell me what the rule actually requires, in plain English. 3. Tell me which facts decide the answer, and which facts would change it. 4. Tell me what evidence I would need to support the position. 5. Be explicit about anything unsettled or fact-sensitive. Do not guess. 6. Your training data has a cutoff and SDLT rates and reliefs change at fiscal events. Say so if you are not sure the law is current. POINTS ALREADY KNOWN TO BE UNCERTAIN ON THIS TOPIC - This archived page gives no facts, figures or calculation from its former example. - The current wording and status of the replacement HMRC page need checking before publication. Do not give me a conclusion you cannot support from the provisions above.
Legislation links show Finance Act 2003 as it stood on 2025-11-17. The law may have changed since, and the rules that apply are those in force on the date of your transaction. The official guidance this page is based on is here.
This page was last updated on 31 August 2026
Useful article? You may find it helpful to read the original guidance here: Five-year rent reviews and SDLT: what this archived HMRC page means
Search Land Tax Advice with Google
