3(1)A transaction is a pre-completion transaction if—E+W
(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.
Commencement Information
I1Sch. 2 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3