(1) An agreement for a lease or with respect to the letting of any lands, tenements, or heritable subjects for any term exceeding 35 years, shall be charged with the same stamp duty as if it were an actual lease made for the term and consideration mentioned in the agreement where 25 per cent or more of that consideration has been paid.
(2) The stamp duty paid on any agreement for a lease, in accordance with subsection (1), shall, on an application to the Commissioners and subject to section 159A, be repaid by the Commissioners where it is shown to the satisfaction of the Commissioners that the agreement for a lease has been rescinded or annulled.