178   Reassessment of duty—reduction of cost

(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 subsequently varied so as to reduce the total cost of the lease.

(2)  The application must be made within 5 years after the initial assessment or 12 months after the variation, whichever is the later, and must be supported by such documents and information as the Chief Commissioner specifies.

(3)  The Chief Commissioner, if satisfied that the lease has been varied so as to reduce the total cost of the lease, must refund the difference between the duty actually paid and the duty that would have been payable if the lease had been granted on the terms as so varied.