SCHEDULES

SCHEDULE 19Stamp duty land tax: commencement and transitional provisions

Contract entered into before first relevant date

I13

1

Subject to the following provisions of this paragraph, a transaction is not an SDLT transaction if it is effected in pursuance of a contract entered into before the first relevant date.

2

The “first relevant date” is the day after the passing of this Act.

3

The exclusion of transactions effected in pursuance of contracts entered into before the first relevant date does not apply—

a

if there is any variation of the contract or assignment of rights under the contract on or after that date;

b

if the transaction is effected in consequence of the exercise after that date of any option, right of pre-emption or similar right;

F1c

if on or after that date there is an assignment, subsale or other transaction (relating to the whole or part of the subject-matter of the contract) as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance to him.