SCHEDULE 2PRE-COMPLETION TRANSACTIONS

PART 5RELIEFS

Relief for transferor: assignment of rights

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1

This paragraph applies where—

a

a person would, in the absence of this paragraph, be liable to pay tax in respect of a notional land transaction deemed to take place under paragraph 8(1) or an additional notional land transaction deemed to take place under paragraph 8(3), and

b

the original contract had not been substantially performed when the assignment of rights mentioned in paragraph 7(1) was entered into.

2

If the buyer in respect of the notional land transaction, or additional notional land transaction, claims relief under this paragraph, the buyer is relieved from tax in respect of that transaction.

3

But no relief is available under this paragraph if the land transaction mentioned in paragraph 7(4) is relieved from tax by virtue of Schedule 10 (alternative property finance reliefs).