Finance Act 2010

55 SDLT: partnerships

(1) In section 75C of FA 2003 (SDLT anti-avoidance: supplemental)—

(a) in subsection (8), omit paragraph (b) (and the “and” before it), and

(b) after that subsection insert—

“(8A) Nothing in Part 3 of Schedule 15 applies to the notional transaction under section 75A.”

(2) The amendments made by subsection (1) have effect in relation to any notional transaction of which the effective date is on or after 24 March 2010.

(3) But those amendments do not have effect in relation to a notional transaction if any scheme transaction is—

(a) completed before that date,

(b) effected in pursuance of a contract entered into and substantially performed before that date, or

(c) effected in pursuance of a contract entered into before that date and not excluded by subsection (4).

(4) A scheme transaction effected in pursuance of a contract entered into before 24 March 2010 is excluded by this subsection if—

(a) there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after 24 March 2010,

(b) the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or

(c) it is a land transaction and on or after that date there is an assignment (or assignation), 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.