Grant of certain Crown leases on surrender of development lease
Conveyance duty is not imposed on the grant of a Crown lease (new Crown lease) on the surrender of a development lease if:
- the new Crown lease is granted to the person who was the lessee under the development lease at the time of its surrender, and
- all of the land in the new lease is the land that was comprised in the development lease.
A development lease is a Crown lease that is expressed to be granted for the purpose of developing the land comprised in the lease for subdivision and resale.