177 Reassessment of duty—early termination
(1) A lessee may apply in writing to the Chief Commissioner for a reassessment of duty paid on a lease instrument if the lease is terminated before the end of its term. The means by which the lease was terminated is immaterial.
(2) The application must be made within 5 years after the initial assessment or 12 months after the termination, whichever is the later, and must be supported by such documents and information as the Chief Commissioner specifies.
(3) The Chief Commissioner:
(a) if satisfied that the lease has been terminated before the commencement of the term, must refund the whole of the duty paid, or
(b) if satisfied that the lease has been terminated early, must refund the difference between the duty actually paid and the duty that would have been payable if the lease had been granted for a term equal to the period for which the lease actually remained in force before termination.
(4) In this section, a reference to the termination of a lease includes a reference to a lease coming to an end.