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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017
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Meaning of “pre-completion transaction”
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3(1)A transaction is a pre-completion transaction if—
(a)as a result of the transaction a person other than the original buyer (“the transferee”) becomes entitled to call for a transfer to the transferee of the whole or part of the subject-matter of the original contract, and
(b)immediately before the transaction took place a person (other than the transferee but not necessarily the original buyer) was entitled under the original contract to call for a transfer of the whole or that part of that subject-matter.
(2)A transaction that gives effect to a person’s acquisition of the whole or part of the subject-matter of the original contract is not a pre-completion transaction.
(3)The grant or assignment of an option is not a pre-completion transaction.
(4)The fact that a transaction has the effect of discharging the original contract does not prevent that transaction from being a pre-completion transaction.
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