SCHEDULES

F1SCHEDULE 2ATransactions entered into before completion of contract

Annotations:
Amendments (Textual)
F1

Sch. 2A inserted (with effect in accordance with Sch. 39 para. 11 of the amending Act) by Finance Act 2013 (c. 29), Sch. 39 para. 3

Interpretation of Schedule

21

1

In this Schedule—

  • “assignment of rights” has the meaning given by paragraph 2(1);

  • “contract” includes any agreement;

  • “conveyance” includes any instrument;

  • “free-standing transfer” has the meaning given by paragraph 2(2);

  • “pre-completion transaction” (in relation to a contract such as is mentioned in paragraph 1(1)) has the meaning given by paragraph 1(2);

  • “qualifying subsale” has the meaning given by paragraph 16(8);

  • “the transferee”, in relation to a pre-completion transaction, has the meaning given by paragraph 1(2)(a);

  • “the transferor”, in relation to a pre-completion transaction, has the meaning given by paragraph 2(3).

2

In this Schedule—

a

references to “the original contract” are to be read in accordance with paragraph 1(1)(a);

b

references to “the original purchaser” are to be read in accordance with paragraph 1(1)(a) and see also sub-paragraph (3);

c

references to “part of the subject-matter of the original contract” are to be read in accordance with paragraph 1(7);

d

references to the “subject-matter” of a pre-completion transaction are to be read in accordance with paragraph 2(4);

e

references to substantial performance of the original contract “by the transferee” (in cases involving an assignment of rights) are to be read in accordance with paragraph 4(7).

3

For any one contract for the acquisition of a chargeable interest there is only one original purchaser (disregarding cases involving joint purchasers).